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Subsidies seen endangering OPEC prosperity

11/01/2010
Member countries of the Organization of Petroleum Exporting Countries are thriving on oil export revenue but, in many cases, eroding their export capacities by subsidizing domestic consumption, warns the Centre for Global Energy Studies, London.In its Industry Watch report, CGES calculates that OPEC producers have generated almost $5 trillion in oil-export revenue since 1998, a year of unusually low revenue when the average crude price was only $12.30/bbl.Annual revenue for OPEC members, according to CGES, totaled $103 billion in 1998 and will be about $631 billion this year. The peak was $866 billion in 2008, when crude prices reached unprecedented levels.The revenue gains resulted from ...
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