EIA: OPEC Earned $675B in 2007, Projects 26% Incr. for 2008

The United States Energy Information Administration (EIA) reported Jan. 23, 2008 that the Organization of Petroleum Exporting Countries (OPEC) earned an estimated $675 billion in net oil export oil revenues in 2007. This is a 10% increase over revenues earned in 2006.

Of the 13 member countries of the cartel, Saudi Arabia earned the largest amount with $194 billion, a 29% share in OPEC's earnings for the year.

The agency reports that OPEC earned $1,147 on a per-capita basis in 2007 for net oil export, which is an 8% increase from 2006.

In the Short Term Energy Outlook published by the EIA, the agency projects OPEC to earn $850 billion in 2008 in net oil export revenues -- a 26% hike over 2007 -- and then settle at $783 billion in 2009.

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