The higher oil prices and the subsequent higher oil revenues play a part in a significantly improved outlook for the state finances and trade balances of the Arab Gulf countries, but they are not boosting economic growth, a quarterly Reuters poll of 24 economists showed on Tuesday. The Arab Gulf states have good reason to be happy about their budgets and government accounts this year, as the oil prices have been significantly higher and because they are now boosting their oil production to offset declines in Venezuela and Angola and an anticipated slump in Iran’s oil exports. The Gulf states—Saudi Arabia and its close allies Kuwait and the United Arab Emirates (UAE), for example—are also some of the few OPEC countries theoretically capable of boosting their crude oil production. So far this year, the Brent Crude price has averaged $71.60 a barrel, compared to an average of $55 per […]