OPEC Oil Export Revenue Hits $982b

Members of the Organisation of Petroleum Exporting Countries (OPEC), excluding Iran, recorded about $982 billion, or 5% increase in net oil export revenue in 2012, according to recent estimates of the United States Energy Information Administration (EIA).

The Western energy watchdog noted that the amount was estimated to be the largest level over the 1975-2012 period.

In its newly-released revenue fact sheet, the EIA estimated that Saudi Arabia earned the largest share of these earnings, $311 billion in 2012, or approximately 32% of total OPEC revenues.

OPEC members are Nigeria, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.