Oil exports soar for OPEC countries

Published August 5th, 2012 - 12:38 GMT

The total revenue of the 11 members of the Organisation of Arab Petroleum Exporting Countries (OAPEC) soared to $624.8 billion in 2011, according to the latest data.

OAPEC data for the oil income generated in the year 2010 was announced as $450bn.

In real terms, the combined Arab income stood at $479bn in 2011 taking into account the real dollar value and global inflation. While the nominal price of OPEC's basket of crudes stood at around $107 per barrel in 2011 its real value averaged about $88 in 1995 prices. The oil price in 2010 also averaged nearly $60 far below the level in current prices.

In 2010, Saudi Arabia earned $184.4bn from oil exports, which jumped to $289bn in 2011, the report said. Bahrain's 2011 income stood at $6.3bn.

In 2009, current oil prices averaged around $61 but in 1995 prices they were about $48.1. Prices were as high as $94.4 in 2008 while they were only around $75 in 1995 prices. In 2007, they averaged $69.1 in current prices but were $56 in real terms.

Kuwait-based OAPEC is a multi-governmental organisation which coordinates energy policies between oil-producing Arab nations, and whose main purpose is developmental.

The members are: Saudi Arabia, Algeria, Bahrain, Egypt, United Arab Emirates, Iraq, Kuwait, Libya, Qatar, Tunisia and Syria.

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