2010 OPEC oil export revenue levels have seen a significant recovery from the previous year-an $181B increase-according to projections from the EIA August 2010 Short-Term Energy Outlook (STEO).
Last year, OPEC revenue plummeted to its lowest since 2005, when total revenue exceeded $500B for the first time. EIA forecasts that OPEC members could earn $752B of net oil export revenues in 2010, and with expectations of a slightly higher average in 2011 oil prices, to earn $821B in 2011.
OPEC's 12 member countries are divided into three major regions, Africa, the Middle East, and South America. In 2009, the Mid East region contributed $366B, 64% of OPEC's total revenue. The African region came second at 29% with $165B and South American countries trailed behind contributing only 7% of total revenues-$39B.
Saudi Arabia's earnings represented 27% of total OPEC revenues for the year, leading the pack in 2009. Saudi Arabia's revenue for 2009 ($153B) was more than the combined earnings of OPEC's next three largest producers-Iran ($53.5B), UAE ($52.7) and Nigeria ($46.3).
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