Saudi Gazette - OPEC oil revenues destined to go down

Saudi Gazette - OPEC oil revenues destined to go down:

"The Energy Information Administration, the US Department of Energy's analytic arm, said all members of the Organization of the Petroleum Exporting Countries, except Iran, earned nearly $982 billion in net oil export revenues in 2012. That's a 5.4 percent increase from 2011. After adjusting for inflation with 2005 dollars as a constant, OPEC's revenue increased by 3.2 percent to $835 billion in 2012, the EIA added.

And Riyadh remained the kingpin, accounting for 32 percent of the total OPEC revenues in 2012 with $311 billion, the EIA said. In its July market report, the OPEC had reported Saudi Arabia producing 9.7 million barrels of oil per day last year, a 4.3 percent increase from 2011.

 However, the EIA also points out that in the wake of the market trends, OPEC sales revenue will tumble by 4.3 percent to $940 billion in 2013 and by further 3.9 percent to $903 billion in 2014."

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