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OPEC heads for record revenues

OPEC heads for record revenues
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The International Energy Agency has said it expects OPEC’s oil export revenues to hit one trillion dollars this year, that is 710 billion euros.

IEA Chief Economist Fatih Birol said in an interview with the Financial Times the one trillion dollar figure is based on crude prices staying above $100 a barrel.

The IEA, which monitors energy for the world’s richest countries, said the total amount of oil exported by OPEC this year will be slightly lower than in 2008 when it received 990 billion dollars.

Lower crude prices pulled its revenue down to 571 billion dollars in 2009. In 2010 it was 750 billion dollars.

The IEA’s chief economist points out in the FT interview: “Saudi Arabia has made substantial efforts to calm down the oil markets by increasing production and slowing prices from going higher.”

With crude over $100 a barrel, Russia, which is not in OPEC and so not subject to its quotas, stands to see its energy revenues rise to around 350 billion dollars this year, the IEA predicted.