05-06-03 Crude oil prices are likely to remain stable even when Iraqi oil comes into the market later this year resulting in a positive outlook for GCC economies, said a leading Arab economist. Iraq will become an active player, pumping in 1.5 mm bpd by the end of this year.
"Iraq will also gradually increase production of oil but this will not lead to lower prices," Dr Henry Azzam, a leading Arab economist and CEO, Jordan Invest, told a seminar.

The average oil price is around $ 24 a barrel this year which is acceptable and far higher than expected by GCC countries.
"Therefore, GCC economies will witness positive growth this year," he told delegates at a seminar on “The Impact of Iraqi war on GCC Economies” organised by the Abu Dhabi Chamber of Commerce and Industry (Adcci) and the Zayed University.

Iraq is likely to pump in some 3.5 mm bpd of oil by next year and 6 mm bpd by 2010. "Moreover, global demand for oil is expected to increase and there may not be an impact on oil prices," he added.
Azzam forecast Iraq's growth rate at 15 % per annum from next year and 10-15 % in the coming decade due to oil exports and investments into the country for its reconstruction. Iraq's total debts currently stand at $ 116 bn of which some $ 45 mm are accumulated debts.