OPEC revenue could top $1 trillion by year’s end: US

August 13th, 2008 - 5:26 am ICT by IANS  

Washington, Aug 13 (DPA) Members of the Organisation of Petroleum Exporting Countries (OPEC) took in $642 billion in oil exports revenue during the first seven months of 2008 and may well eclipse the total amount from the previous year, the US Energy Department said Tuesday. Boosted by high oil prices and increased production, OPEC will likely set another record year in revenue on net oil exports.

OPEC’s revenue could exceed $1 trillion by the end of this year and continue to climb in 2009, according to projections by the Energy Information Administration, the number crunching agency for the Energy Department.

OPEC’s revenue was $671 billion in 2007, with Saudi Arabia raking in the most revenue at $194 billion, accounting for 29 percent of the 2007 total intake.

Oil and gasoline prices have set record highs in recent years, resulting in record profits for oil companies and petroleum-producing states at a time when economies are struggling, leaving motorists to pay at the pump.

US President George W. Bush has received minor concessions from the Saudis on his requests earlier this year to increase production to alleviate the high demand pressure on the market.

Saudi Arabia has agreed to limited hikes in production, but well below Bush’s request.

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