Nick Snow
Washington Editor
WASHINGTON, DC, Feb. 13 -- Members of the Organization of Petroleum Exporting Countries earned an estimated $674.7 billion in net oil export revenues during 2007, 10% more than in 2006 when revenues totaled $612.7 billion, the US Energy Information Administration said on Feb. 12.
Saudi Arabia had the biggest share, $193.8 billion, or 29% of the 2007 total, it indicated. That was $11 million, or 6%, more than its $182.8 billion of oil export revenues in 2006.
On a per capita basis, OPEC's net oil export revenues rose 8% year-to-year to $1,147 from $1,059, according to EIA. Qatar had the largest share of 2007's total, $29,235, followed by the UAE with $23,817 and Qatar with $21,619.
EIA bases its figures on estimates of countries' production and consumption in its latest short-term energy outlook and assumes that exports are sold at prevailing spot prices. When a country exports several different crude grades, EIA assumes that the proportion of total net exports represented by each grade represents its share of total domestic production.
The federal energy forecasting and analysis service predicted that OPEC's total oil export revenues could reach $863 billion in 2008 and $797 billion in 2009, based on its latest short-term energy outlook. In that forecast, EIA said it expects global oil markets to ease as production increases outside OPEC and planned capacity additions within the cartel more than offset expected moderate world demand growth.
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