Opec member nations are expected to rake in almost $1 trillion this year from their oil exports due to record crude prices, according to the US government's top energy forecasting agency. ( Reuters )
Net oil export earnings from the Organisation of Petroleum Exporting Countries were forecast to soar 45 per cent from last year's record $676 billion to $980 billion this year and then fall to $880 billion in 2009, when oil prices are expected to be lower, the Energy Information Administration said last week.
That is much higher than the EIA forecast in January for $850 billion in Opec earnings this year.
On a per-capita basis, Opec's oil export revenue will jump 43 per cent in 2008 to $1,636, said the EIA, which is the US Energy Department's independent analytical arm.
Opec members are spilling over with cash from strong global oil demand.