Saudi Gazette - OPEC oil revenue to decline from 2012’s record high: EIA

Saudi Gazette - OPEC oil revenue to decline from 2012’s record high: EIA:

"OPEC, excluding Iran, made $982 billion from exporting oil in 2012, the most in 38 years of data, the US Energy Information Administration (EIA) reported Monday. It forecast that sales will drop in 2013 and 2014.

Net oil export revenue by the 12-member organization climbed 5.4 percent last year from 2011, according to the EIA, the Energy Department’s statistical arm. Sales will tumble by 4.3 percent to $940 billion this year and by 3.9 percent to $903 billion next year, the agency said.

Demand for OPEC’s crude will slip by 300,000 barrels a day next year to 29.6 million barrels, or 2.6 percent less than the group is pumping now, OPEC said July 10 in its first set of forecasts for 2013. Exports to North America face growing competition from a surge in production from shale basins in the US and Canada. US crude output reached 7.35 million barrels a day at the end of April, up 17 percent from a year earlier."

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