Record profits for oil-producers

In this BBC News Arabic documentary, Dr Carole Nakhle, CEO of Crystol Energy, discusses the impact of high oil prices on International Oil Companies (IOCs) and oil-producing nations.

Some of the main points discussed include:

  1. Oil companies are making record profits which should increase the tax revenues generated by host governments.
  2. Producing countries are equally benefiting; Saudi Arabia, for instance, is one of the few countries that saw its economic growth forecast for this year revised upwards.
  3. Unlike previous cycles, the Gulf Cooperation Countries (GCC) are exhibiting a more prudent behaviour in terms of spending – a welcome move that would break the conventional pro-cyclical fiscal policy in the region.

Watch the discussion:

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