Mar
30

OPEC’s oil export revenues to exceed one trillion dollars



OPEC

OPEC

The International Energy Agency has great expectations for OPEC’s oil export revenues. The IEA has suggested revenues will be at one trillion dollars this year alone. But the one trillion dollar figure is based on crude prices staying above $100 a barrel.

Lower crude prices pulled its revenue down to 571 billion dollars in 2009. In 2010 it was 750 billion dollars. The IEA has also said Russia, which has declined membership of OPEC, stands to see its non-quota energy revenues rise to around 350 billion dollars this year.

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