OPEC, the crude oil producer’s cartel, could this year for the first time ever bank $1trn in export revenue if crude oil prices maintain their 100 bbl, the IEA said.
Brent Light Crude traded at 115 bbl on the ICE exchange London while the US traded above $104 yesterday.
Amid the MENA uprisings the company’s cartel has been one of the key beneficiaries of elevated crude oil prices.
Although the total number of barrels exported by Opex in 2011 would be somewhat lower than in 2008 where cartel oil revenues reached $990bn, if the average price stays at the current 100 bbl, OPEC will reach a record $1tr for 2011.
Analysts note that large oil producers like Saudi Arabia may use the extra income to boost public spending in an attempt to control public unrest.
