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14/11/2017 - 18:45hs
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GCC oil projects worth USD 331 billion

Such is the combined value of projects underway in the oil and gas industry in Gulf Cooperation Council countries.



São Paulo – The total value of oil and gas industry projects underway in the Gulf Cooperation Council (GCC) reached USD 331.4 billion this month, as per a survey from the Dubai-based company BNC Network, which keeps track of the Middle East and North Africa construction market. The GCC comprises Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, Kuwait and Oman.

Working with data from the Organization of Petroleum Exporting Countries (OPEC), BNC said global oil demand will be 1.5 million bpd in 2017, up 30,000 bpd from the OPEC’s prior estimate, mostly as a consequence of a pickup in international economic activity. In 2018, global consumption is expected to be 1.4 million bpd.

BNC also said the number of oil and gas projects across the GCC was up 6% in Q3 from Q2, with their combined value going up 5%.

*Translated by Gabriel Pomerancblum

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