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)
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
