“…Moreover, the hike in oil prices coincided with a rise in global oil production by 9.6% and an increase in global oil consumption by 7.7% from 2002 to 2006. 57 As a result, oilexporting countries have experienced substantial windfall gains. It is important to note that the main benefi ciaries of these windfall gains are just a handful of countries, among them the six economies of the GCC, which together hold roughly 22% of world crude oil production.…”