Opec income hits record as oil prices soar

Javier Blas, Krishna Guha and Andrew England
Financial Times
Monday, Aug 11, 2008

Opec nations earned as much in the first half of this year as they did in the whole of 2007 – thanks both to record oil prices and record production – triggering a big increase in its spending.

Members of the Saudi ­Arabia-led oil exporters’ cartel took home $645bn (£335bn, €430bn) between January and June, just below the record $671bn they earned last year, according to the US department of energy.

At the current pace, Opec nations would earn about $1,245bn this year, a record.

(Article continues below)

The recent 20 per cent drop in oil prices below $120 a barrel is unlikely to damp the earnings significantly, as higher output will offset the impact.

Industry estimates suggest that Opec production in July hit a record 32.6m b/d. The current oil price, at $116.53 a barrel, is still higher than the first half of the year’s average: $111.1 a barrel.

The flood of petrodollars has boosted Opec’s overseas spending, with imports rising up to 40 per cent from last year’s level.

Full article here

• 
• Social bookmarks
• 
• Email this article
• 
• Print this page

Comment Terms Of Use

4 Responses to “Opec income hits record as oil prices soar”

1. leyla Says:
   August 11th, 2008 at 2:32 pm

   Unfortunately the money wont benefit the people , it will benefit the Royal families ,their offsprings and their relatives , while the regular people will get nothing (especially in Libya, Algeria , where poverty is on the rise , and educated youth die while crossing into south Italy or spain , looking for a better future .

2. Rich Says:
   August 11th, 2008 at 7:27 pm

   Opec nations on track to split a mere 1.2 trillion dollars this year… Ever notice how the Rich ones aren’t so quick to strap a bomb to their wastes in the name of Allah. The average job for them out of college pays roughly 200k to start and Americans are lucky to get 50k.

3. FK Says:
   August 12th, 2008 at 1:39 pm

   War with Iran…..NOPE!

   Martial Law in the US…..NOPE!!!

   $200-300 a barrel oil…..NOPE!!!!!!

   Hundreds of banks collapsing…….NOPE!!!!!!!!!

   Any of those tomb/coffins in Georgia used…….NOPE!!!!!!!!!

   Did Bush, McCain or Obama go to the Grove……NOPE!!!!!!!!!!!!

   Go on people…….make a hundred more scenarios that never come true….

4. GARKO FACTOR Says:
   August 13th, 2008 at 8:52 am

   spend less for gas by wasting less of what you are buying.

   if you have had enough of having your money fund their wars and would like to keep a little bit more in your own pocket there is a solution.
   for some reason it has hit into controversy. duh… wonder why that is! wonder who would try to stop such a movement! i wonder…

   check it out for yourself.
   http://mywater4gasengine.com
   hundreds of videos tell the truth that Water4Gas works.