Saudi Arabia's revenue from oil and petroleum products rose 48%, says OPEC
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Tue July 17, 2012 11:10 am

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

The world’s largest crude exporter shipped oil and products valued at US$318.5 billion last year compared with US$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% 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 in 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.

 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. Too often, we see the future as we see the past - through the distorted lens of the present; But whatever the time, direction or dimension we are operating in when forecasting geopolitical events, we must simultaneously exist in the past, present and the future to prepare for a world that we have yet to know.
INTERNATIONAL. The undisputed king of oil and gas is making some moves that could change the face of the global refining sector; It all translates into lower prices of refined fuels that will eventually benefit Asian customers who will pay less for transportation, basic commodities and essential services.
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