OPEC Rakes in $671B in 2007, Stands to Double Revenues in 2008

The Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned $671 billion in net oil export revenues in 2007, a 10% increase from 2006. Saudi Arabia earned the largest share of these earnings, $194 billion, representing 29% of total OPEC revenues. On a per-capita basis, OPEC net oil export earnings reached $1,137, an 8% increase from 2006.

Through June, OPEC had earned an estimated $645 billion in net oil export earnings in 2008. Based on projections from the EIA, July 2008 Short Term Energy Outlook (STEO), OPEC net oil export revenues could be $1,251 billion in 2008 and $1,322 billion in 2009.