MNA reported that the International Monetary Fund total oil revenues of the member states of the Organization of Petroleum Exporting Countries will surpass USD 1 trillion dollars in 2011 and Iran will earn about USD 100 billion of that sum.

According to a new IMF report entitled World Economic Outlook the aggregate oil income of the 12 members of OPEC reached USD 766 billion in 2010 and it is expected that the figure will hit a new record in 2011 on high oil prices and reach USD 1.093 trillion.

The IMF forecasts that Iran’s oil income will rise USD 25 billion in 2011 compared to 2010 and will reach USD 97 billion. The OPEC Reference Basket was on average USD 77 barrel per day in 2010 and rose to USD 104 barrel per day in the first 4 months of 2011.

The new OPEC Reference Basket, which was introduced on June 16th 2005 is currently made up of the following types of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela).

The IMF report said that Saudi Arabia’s oil revenues will hit USD 324 billion in 2011 and the oil revenues of other OPEC members will also increase remarkably this year. OPEC was founded in Baghdad in September 1960 with the signing of an agreement by five countries, namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the founding members of the organization.

(Sourced from Mehr News Agency)