Emirates Business 24/7 reported that strong oil prices allied with higher production to boost OPEC's crude export earnings by a whopping USD 257 billion to an all time high in 2011 and the income is set to break another record.
According to official US data, the income of the 12 nation Organization of Petroleum Exporting Countries which pumps just over 40% of the global crude supply, peaked at nearly USD 1,026 billion in 2011 compared with USD 769 billion in 2010.
Its forecasts showed the group's revenue could break the 2011 record and climb to 1,154 billion in 2012 before slipping to about USD 1.117 billion in 2013.A breakdown showed Saudi Arabia, sitting atop a fifth of the world's recoverable crude deposits, was the largest earner within the 42 year old OPEC, with its income climbing to a record high of USD 311 billion from USD 222 billion.
The UAE emerged as the second largest earner after its oil output swelled to more than 2.6 million barrels per day in 2011. Its income was estimated at nearly USD 101 billion last year compared with USD 67 billion in 2010, Oil prices soared by nearly 50% to an average of USD 105 per barrel in 2011 and they are expected to remain above USD 100 through 2012.
The surge boosted Iran's crude export earnings to USD 95 billion in 2011 from USD 71 billion in 2010 while those of Kuwait leaped to USD 85 billion from USD 61 billion.
Nigeria emerged as the fourth largest gainer with its income surging to USD 90 billion from USD 65 billion. The earnings of Iraq jumped to USD 71 billion from USD 49 billion while those of Angola grew to USD 68 billion from USD 56 billion.
Algeria netted about USD 63 billion last year compared with $50 billion in 2010 while the income of Venezuela shot up to USD 60 billion from USD 40 billion and those of Qatar to USD 57 billion from around USD 37 billion.
EIA's figures showed that Libya was the one odd out as the value of its oil sales tumbled to USD 13 billion from USD 44 billion because of disruption in its crude supply due to several months of internal conflict that toppled Muammar Gaddafi.
Source - Emirates Business 24/7
(www.steelguru.com)
