Gulf oil producers benefit from falling Iran sales - FT.com

Gulf oil producers benefit from falling Iran sales - FT.com:

"Gulf oil producers are benefiting from the sharp fall in crude exports from Iran through increased export revenues, according to analysis by the US government’s Energy Information Administration.
Excluding sanctions-hit Iran, members of the Opec cartel of oil producers earned $982bn in net oil export revenues last year, according to EIA estimates, the most since EIA data began in 1975.
The United Arab Emirates and Kuwait’s export revenues hit or were equal to post-2004 highs in real terms last year. Saudi Arabia, the world’s largest oil exporter, and the de facto leader of Opec, earned an estimated $312bn, a nominal record, and just short of its peak in real terms in 2008."

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