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

date:Posted: September 23, 2014
TUNISIA. Removing the economic obstacles would double employment creation to 100,000 new jobs per year, according to a World bank report.
date:Posted: September 23, 2014
UAE. The broad based recovery witnessed in the residential sector over the past 18 months has now slowed down, as rental prices and sale values have stabilized in most locations.
date:Posted: September 23, 2014
UAE. "On the whole, the outlook for the region is a good one;" 35% of respondents claim job opportunities will increase; Concerns about rising cost of living.
INTERNATIONAL. The United States and several Gulf Arab allies launched air and missile strikes on Islamic State strongholds in Syria on Tuesday, U.S. officials said, opening a new, far more complicated front in the battle against the militants.
dhgate