(EnergyAsia, April 23 2012, Monday) — Riding on high oil prices, OPEC’s oil export revenues will surge to hit a new record high of US$1.171 trilllion this year before easing off to US$1.133 in 2013, said the US Energy Information Administration.
In its April 2012 Short-Term Energy Outlook (STEO) report, the EIA said the Organisation of the Petroleum Exporting Countries (OPEC) earned US$1.026 trillion in net oil export revenues for a 33% increase from 2010.
Saudi Arabia took in US$312 billion for about 30% of OPEC revenues last year. The UAE was second with US$101 billion followed by Iran (US$95 billion), Nigeria (US$90 billion), Kuwait (US$85 billion), Iraq (US$71 billion), Angola (US$68 billion), Algeria (US$63 billion), Venezuela (US$60 billion), Qatar (US$57 billion), Libya (US$13 billion) and Ecuador (US$10 billion).
On a per-capita basis, OPEC net oil export earnings reached US$2,684 in 2011, said the report.