Income For OPEC To hit nearly $1-trillion: OPEC member nations are expected to rake in almost US$1-trillion this year from their oil exports due to record crude prices, the U.S. government's top energy forecasting agency says.
Net oil export earnings from the Organization of Petroleum Exporting Countries were forecast to soar 45% from last year's record US$676-billion to US$980-billion this year and then fall to US$880-billion in 2009, when oil prices are expected to be lower, the Energy Information Administration said this week. [...]
Much of OPEC's oil will be shipped to the United States, the world's biggest consumer.
The EIA did not make public its oil-export earning estimates for individual OPEC members during 2008. But for last year the EIA said the six largest OPEC oil-export earners were: Saudi Arabia (US$194-billion), United Arab Emirates (US$63-billion), Iran (US$58-billion), Nigeria (US$56 billion), Kuwait (US$55-billion) and Algeria (US$50-billion).
