OPEC/OIL PRICES

 

OPEC Oil Revenues Top $1 Trillion Mark

In 2011, for the first time ever, revenues from OPEC petroleum exports exceeded $1 trillion, OPEC’s latest Annual Statistical Bulletin (ASB) shows. A 2011 average OPEC Basket price of $107.46/B pushed revenues ahead of the previous record of $996bn, set in 2008 with an average basket price of $94.45/B, to $1.078 trillion last year, despite lower output and export levels than in 2008. The ASB...