Al-Sabah told reporters in Kuwait City on Saturday that the Gulf Arab states were subject to nearly $2,500 billion U.S. in guaranteed losses in the last 4 months, and a number of other losses, including over 60 per cent of the profit-driving oil projects being canceled.

The biggest loss, according to Agence France-Presse’s release, was a near forty per cent drop in the value of Arab investments abroad, particularly those kept in the perceived stable American banking system.

The Kuwait City stock exchange lost just under 40 per cent of its value in 2008.

Arab investors lost $600 billion in direct stock market falls, as well as an increased effect due to reduced oil profits, with the price of a barrel of oil on futures markets for February, closing at $35.20 - after hitting a five-year low of $33.20 during the trading day Friday, and nearly 30 per cent off of last week’s $50 high.

The International Energy Agency predicted Friday that the global recession would reduce demand of oil in 2009 to approximately 85.3 million barrels a day; a number which represents just over half a per cent fall from 2008. OPEC also announced a reduction of their demand estimates, saying that demand for crude would fall by approximately 180,000 per day in 2009.

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