OPEC to earn $1.251 trillion from oil exports

Food

OPEC’s earnings from oil exports are expected to reach a record $1.251 trillion this year, about $73 billion more than previously estimated, the US government’s top energy forecasting agency said on Tuesday.

Net oil export earnings from the Organization of the Petroleum Exporting Countries are projected to jump 86% this year from $671 billion in 2007 and then rise 6% to $1.322 trillion in 2009, the Energy Information Administration said in its new monthly forecast. OPEC members have been raking in the cash from soaring crude prices, which hit a record $145 a barrel last week.

During the first half of 2008, OPEC members raised $645 billion from oil exports. Saudi Arabia accounted for almost one-third of that total, bringing in $192 billion, just $2 billion less than the kingdom’s total oil export revenues in 2007, according to the EIA. Iraq’s oil earnings reached $39 billion through June of this year, already $1 billion more than the country’s total oil earnings last year. (Reuters)

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