Saudi to invest $80bn in oil output

OIL INVESTMENT: Saudi Arabia plans to invest $80bn in increasing its oil output to 12.5 million barrels per day. (Getty Images)

Saudi Arabia plans to invest $80 billion in increasing its oil output to 12.5 million barrels per day, while expanding its refining capacity by 43 percent to six million barrels per day.

At the same time non-Saudi GCC investments in oil could top $170 billion, Saudi daily Arab News reported on Tuesday, citing a report issued by the Federation of GCC Chambers of Commerce and Industry.

The report predicts that gross GCC domestic product will grow by 27.9 percent this year to reach $1 trillion with the increase in oil prices.

The GCC states of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain and Oman will achieve a 31.2 percent surplus in their current accounts in 2008, compared to 28 percent last year, the newspaper said.

The report also predicted a world economic growth rate of 3.7 percent this year compared to 4.9 percent last year.

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