§ Mr. Skeetasked the Chancellor of the Exchequer if he will give an estimate of currency surpluses of Middle East oil-producing States for 1973, 1974 and 1975, assuming in the last two years oil sold at about $10 a barrel.
§ Mr. DellThe current account surpluses of the Middle East oil producers—defined as Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia and the United Arab Emirates—in 1973 are estimated to have totalled about $6½ billion. The magnitude of their surpluses in 1974 and 1975 will depend mainly upon the price of oil during the next 18 months and the extent to which these countries increase their imports in response to their352W increased revenues. There are great uncertainties about both. But, on the assumption that oil prices remain at about their present levels, forecasts made here and in international organisations suggest that the total current account surpluses of all OPEC countries may amount to between $55 billion and $70 billion in both 1974 and 1975 and that most of this will accrue to the Middle East oil producers.