Saudi Arabian 2012 Oil Export Revenue Gained 5% as Iran Fell 12%

Saudi Arabia’s revenue from exports of crude oil and other petroleum products in 2012 rose 5.3 percent from a year earlier while Iran’s income from sales abroad sank by 12 percent, OPEC reported.

The world’s largest crude exporter shipped oil and products valued at $336.1 billion last year, up from $319.1 billion in 2011, the Organization of Petroleum Exporting Countries said in its Annual Statistical Bulletin today. The kingdom’s export revenue advanced at a slower pace than the 49 percent gain in 2011, the data showed.

Saudi shipments of crude and refined petroleum products rose 3.7 percent to an average of 8.42 million barrels a day last year, according to the data posted on OPEC’s website today. Iranian petroleum export revenue fell to $101.5 billion as the nation’s shipments fell 14 percent to an average of 2.56 million barrels a day, OPEC said.

OPEC’s petroleum exports revenues were $1.26 trillion last year, 9.2 percent more than the revised $1.15 trillion for 2011, the data showed. For some members the revenue data may include condensates or other natural gas liquids as well as crude and refined products, and some OPEC nations import substantial amounts of crude and products thus lowering net revenue, OPEC said in the report.

Exports of crude and petroleum products from all OPEC nations increased 7 percent in 2012 to 29.6 million barrels a day, equivalent to 46 percent of world exports, the report showed.

OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

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

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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