Posted on 04/27/2015 1:08:26 PM PDT by Opintel
The world already knows that the Organization of Petroleum Exporting Countries, or OPEC, can change the fate of the international oil price. By producing close to 40 % of the world’s combined crude oil, OPEC’s oil exports represents about 60% of the total petroleum traded internationally. In spite of having such clout, 2014 has been kind of odd for the cartel as there was a considerable drop in OPEC’s revenues. As per Energy Information Administration, OPEC earned close to $730 billion in net oil export revenues in 2014, which was a decline of 11% from 2013.
Saudi Arabia- the undisputed leader of OPEC
Saudi Arabia has made its intentions clear of keeping its production intact with record levels of crude oil production in the month of April. Some experts are worried that the increased output from Saudi Arabia and other OPEC members could subdue the current rally in the international crude oil prices. Saudi Arabia produced 10.3 million barrels per day of crude in the month of March, a new record. As per the Saudi oil minister Ali Al Naimi “I have said many times we will always be happy to supply to our customers with what they want. Now, they want 10 million“. Saudi Arabia earned close to $246 billion from its oil export revenues in 2014, a drop of around 10% from its previous year mainly due to low oil prices.
(Excerpt) Read more at oilprice.com ...
They earn Sheik money. A bit more than minimum wage. ..
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