EIA Estimates OPEC Oil Export Revenues at $671B

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 percent increase from 2006. Saudi Arabia earned the largest share of these earnings, $194 billion, representing 29 percent of total OPEC revenues.

On a per-capita basis, OPEC net oil export earning reached $1,137, a 8 percent increase from 2006. Through July, OPEC had earned an estimated $642 billion in net oil export earnings in 2008. Based on projections from the EIA August 2008 Short Term Energy Outlook (STEO), OPEC net oil export revenues could be $1,174 billion in 2008 and $1,228 billion in 2009.