Thursday, December 20, 2007

Opec income to swell by $75bn

Emirates Business 24/7 (UAE)

From a record $506bn in 2006, Opec’s oil export earnings are forecast to surge to nearly $536bn this year and gain a staggering $75bn to hit an all-time high of nearly $611bn in 2008, according to estimates by the London-based Centre for Global Energy Studies (CGES). Saudi Arabia, the world’s oil powerhouse, netted nearly a third of Opec’s income in 2007, while the UAE emerged as the second largest earner although its crude production was far lower than Iran’s output. “This year, Opec is expected to achieve its highest oil export revenues in nominal terms because crude prices are heading for their highest average and production is still high,” said Leo Drollas, deputy director of CGES, which is owned by former Saudi oil minister, Sheikh Ahmed Zaki Al Yamani. A breakdown showed Saudi Arabia’s income is expected to climb from $165bn in 2006 to $170bn in 2007 and a record $190bn in 2008.

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