OPEC countries earned $982 bn net oil export revenues in 2012

The OPEC countries, excluding Iran, witnessed a 5% increase in net oil export revenues in 2012 from the previous year, amounting to earnings of about $ 982 billion, the US Energy Information Administration (EIA) has estimated.

 

This is estimated to be the largest level over the 1975-2012 period for which EIA has tracked OPEC oil revenues.

 

According to EIA's revenues fact sheet, Saudi Arabia earned the largest share of these earnings, $ 311 billion in 2012, representing approximately 32% of total OPEC revenues.

 

Organisation of the Petroleum Exporting Countries (OPEC) includes Iraq, Kuwait, Iran, Saudi Arabia, Venezuela and other oil producing countries.

 

Based on its projections, EIA estimates that members of OPEC, excluding Iran, could earn about $ 940 billion of net oil export revenues in 2013 and about $ 903 billion in 2014, in nominal terms (unadjusted for inflation).

 

"These net export earnings do not include Iran's revenues, due to the difficulties associated with estimating Tehran's earnings, including its inability to receive payments and possible price discounts Iran offers its existing customers," the fact sheet said.