OPEC Revenue to Increase in 2008: EIA

Azerbaijan, Baku, 12 March /corr. Trend A.Badalova  / The U.S. Energy Information Administration (EIA) estimates that OPEC net oil export revenues could be $927 billion in 2008 against $676 billion in net oil export revenues in 2007. 

EIA reported to Trend on 12 March that in 2009 OPEC revenues will decrease by $97 billion to $830 billion. The EIA does not explain the decrease of OPEC net oil export revenues in 2009 by 10.5%. Independent experts connect it to the possible decrease of oil prices due to the unstable economy in the USA.     

The EIA estimates that OPEC members earned $676 billion in net oil export revenues in 2007, a 10% increase from 2006. Saudi Arabia earned the largest share of these earnings, $194 billion, representing 29% of the total OPEC revenue.    

According to EIA estimates, OPEC oil production in 2009 will make up averagely 31.8 million barrels per day as compared to 32.6 million barrels in 2008.

OPEC net oil export revenues (in bln USD)

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