OPEC Members reap rewards
Members of the Organisation of Petroleum Exporting Countries' (OPEC), which Nigeria is part of, got higher income in excess of $128 billion last year, data by the Energy Information Administration (EIA) of the US Department of Energy has shown.
From a record high of around $1.026 trillion in 2011, the collective crude export earnings of the 12-nation OPEC climbed to another peak of nearly $1.154 trillion in 2012, its highest level since the group was created more than four decades ago.
The EIA projected the earnings to remain at a historically high level of around $1,117 billion this year as it apparently forecast oil prices and OPEC's output to remain high.
EIA gave no reason for the surge in 2012 but analysts attributed it to higher oil prices and output by the organization, mainly crude producers in the Gulf.
OPEC's data showed the price of its basket of crudes average at a historic high level of nearly $109.5 a barrel in 2012 compared with $107 .4 in 2011.
OEPC also pumped more oil in 2012 after a surge in Saudi output to around 9.8 million bpd from 9.3 million bpd. Analysts said OPEC's output remained above 31 million bpd.
Saudi Arabia, the UAE and other Gulf oil heavyweights were believed to have netted nearly two thirds of the group's income.
In 2011, Saudi Arabia earned a record high income of around $311 billion while the UAE emerged as the second largest earner within the group, with around $101 billion compared with nearly $67 billion in 2010.
Nigeria emerged as the fourth largest gainer in 2011 with its income surging to $90 billion from $65 billion.
The earnings of Iraq jumped to $71 billion from $49 billion while those of Angola grew to $68 billion from $56 billion.
Algeria netted about $63 billion last year compared with $50 billion in 2010 while the income of Venezuela shot up to $60 billion from $40 billion and those of Qatar to $57 billion from around $37 billion.
EIA's figures showed Libya was the one odd out as the value of its oil sales tumbled to $13 billion from $44 billion because of disruption in its crude supply due to the war.
The report showed Ecuador, the smallest OPEC producer, earned around $10 billion in 2011 compared with $8 billion, previously.
- Warmer winter, warmer state-society relationship? Jordanians brace themselves for 'substantially' lower fuel prices
- One's catastrophe, another's celebration: Middle East's oil importing states benefiting lower oil prices
- Reading the signs behind plummeting oil prices: Saudi-led price war or simple supply and demand?
- Wishful thinking: is Saudi Arabia slowly, but maturely, winning the global oil price war against the US?
- It came much, much sooner than expected: a new era of oil abundance might just be in the making