Tuesday, August 24, 2010

OPEC Is Swimming In New Petro Dollars

OPEC's oil revenue is surging, again, and is set to continue growing through 2011 according to the U.S. Energy Information Administration. 2010 oil revenue is likely to be a cool $181 billion higher than that seen in 2009, which makes for a pretty nice rebound.

Last year, OPEC revenue plummeted to its lowest since 2005, when total revenue exceeded $500B for the first time. EIA forecasts that OPEC members could earn $752B of net oil export revenues in 2010, and with expectations of a slightly higher average in 2011 oil prices, to earn $821B in 2011.

It might take a few years for OPEC to beat 2008's peak oil revenue, but future revenue forecasts could change dramatically should oil prices end up far higher than currently forecast.

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