OPEC Members May Earn $1.2 Trillion on Oil Exports, DOE Says

OPEC members may earn $1.17 trillion in net revenue from oil exports this year, up 14 percent from 2011, the Energy Department said in a report.

OPEC’s revenue from exporting oil may reach $1.13 trillion in 2013, according to the federal Energy Information Administration. Members of the Organization of Petroleum Exporting Countries earned $1.03 trillion last year, a 33 percent increase from 2010, the agency said.

Saudi Arabia earned the largest share of these earnings, $312 billion, representing 30 percent of total OPEC revenues,” the agency said.

The Energy Information Administration based the estimates on short-term energy price projections. On a per capita basis OPEC earnings reached $2,684 last year, the agency said.

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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