Sunday, February 15, 2009

OPEC Revenues from oil exports will fall more than doubled.

Sales Organization countries - exporters of petroleum (OPEC) from oil sales abroad in 2009 to decline, according to preliminary data, more than doubled to reach 402 billion dollars. This is stated in the materials of the U.S. Department of Energy.
In 2008, OPEC revenue from oil exports amounted to 971 billion dollars, which is 42 percent higher than the figure in 2007. In 2010, an estimated U.S. Department of Energy, the proceeds from the sale of the oil cartel could rise to 530 billion dollars.
The bulk of the revenues from oil sales last year occurred in the proportion of Saudi Arabia. Revenues of the world's largest exporter of crude oil amounted to 288 billion dollars, or 30 percent of all export earnings in OPEC.
Recall from the end of 2008 because of low oil prices, OPEC has reduced production volumes of the participating countries. A total amount of reductions achieved 4.2 million barrels a day. In late January 2009, OPEC Secretary General Abdalla Salem El-Badri has promised a new quota reduction on the extraction, if the prices continue to fall.
Cost of barrel of oil on the world market now ranges in the region of 35-40 dollars. In mid-2008 the price of oil reached a record 147 dollars a barrel.
For comparison, Russia proceeds from oil sales abroad in 2008, according to the Federal Customs Service, exceeded 151 billion dollars. As compared to 2007 income from oil exports grew by 33 percent.

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