Record Opec earnings predicted this year

Opec’s earnings are set to hit a record above $1,000 billion this year, according to the latest estimates from the US Department of Energy.

That is up nearly a third from last year’s $780 billion and higher than 2008’s $965 billion.

The new estimates are based on predicted higher crude prices and increased production.

Opec pumps around 40 percent of the world’s oil.

Earlier this week OPEC’s Secretary General Abdullah al-Badri said oil prices will rise and could harm the economy if an expected supply shortage materialises later this year.

Consumer countries have urged the Organisation of the Petroleum Exporting Countries to pump more to replace supplies shut down in Libya and to prevent fuel inflation hurting economic growth.

Instead last week’s OPEC talks collapsed without a deal, although Badri said the OPEC secretariat had presented all the evidence for a production rise.

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