Saudi Revenue From Oil and Products Rises 48%, OPEC Says

Saudi Arabia’s revenue from exports of crude oil and other petroleum products jumped 48 percent in 2011 as shipment volumes increased over the previous year, OPEC reported.

The world’s largest crude exporter shipped oil and products valued at $318.5 billion last year compared with $215.4 billion in 2010, the Organization of Petroleum Exporting Countries said in its annual statistical bulletin. Saudi exports of crude and other petroleum products rose 6.9 percent to an average of 8.12 million barrels a day last year, according to the data posted on OPEC’s website yesterday.

Iran, the group’s second-biggest producer after Saudi Arabia, exported crude and petroleum products valued at $114.8 billion compared with $72.2 billion the previous year, the data showed. Iran’s revenue increased even as the volume of the nation’s shipments fell 8.5 percent, according to OPEC.

Revenue for OPEC members in the Middle East last year was the highest since 2007, according to the data. Revenue for Kuwait and the United Arab Emirates increased 56 percent last year to $96.8 billion and $104.5 billion, respectively, while Iraq’s revenue gained 59 percent to $83 billion, according to the OPEC data.

To contact the reporter on this story: Wael Mahdi in Manama at wmahdi@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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