TW-International: OPEC earnings likely to surpass $1 trillion in 2011.

Aug. 17, 2011 - PRLog -- The U.S.’s Energy Information Administration (EIA) has informed TW-International that OPEC will largely benefit from recent oil price hikes and its income could reach as high as $1.011 trillion this year.
On a per capita basis, the cartels net oil export earnings topped out at $2,074tn in 2010, according to the department’s forecasting arm.

OPEC earned $778 billion in net oil export revenues in 2010, an increase of 35% from 2009. Saudi Arabia earned the biggest share of these earnings, $225 billion, or around 29% of total OPEC revenues.

In its latest Short-term Energy Outlook released earlier this month and available to TW- International, the EIA also forecast that the cartel’s crude export earnings may even reach $1,105 trillion in 2012.

The 12 member nations of OPEC are Nigeria, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

In its August Oil Report, the 12- member organization said that its Crude Oil output climbed by 400,000 barrels per day (bpd) in July to reach 30.05 million barrels per day (mbpd), its highest since December 2008.

The majority of the output increase was carried by   the biggest producer in OPEC, Saudi Arabia together with Angola, which helped to offset production declines by Iran, Iraq, Nigeria and Libya, TW-International was informed.

OPEC and the EIA both revised their oil demand growth estimates on the back of a worsening economic outlook, with OPEC slightly lowering its forecast for 2012 Crude Oil demand suggesting that demand for crude was expected to reach 88.14 million mbpd in 2011, down from the earlier forecast of 89.50 mbpd.

OPEC said crude oil demand in 2011 and 2012 would rise by less than previously forecast because of sluggish economic growth in the developed world. “Oil demand is set to rise by 1.2 million barrels to 88.14 million bpd this year. One barrel equals 159 liters. This represents a rise of 1.39% on 2010, compared with a previously estimated rise of 1.57%”, the cartel informed TW- International.

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