Posted on 08/05/2012 2:20:48 PM PDT by SunkenCiv
The total revenue of the 11 members of the Organisation of Arab Petroleum Exporting Countries (OAPEC) soared to $624.8 billion in 2011, according to the latest data.
OAPEC data for the oil income generated in the year 2010 was announced as $450bn.
In real terms, the combined Arab income stood at $479bn in 2011 taking into account the real dollar value and global inflation. While the nominal price of OPEC's basket of crudes stood at around $107 per barrel in 2011 its real value averaged about $88 in 1995 prices. The oil price in 2010 also averaged nearly $60 far below the level in current prices.
In 2010, Saudi Arabia earned $184.4bn from oil exports, which jumped to $289bn in 2011, the report said. Bahrain's 2011 income stood at $6.3bn.
In 2009, current oil prices averaged around $61 but in 1995 prices they were about $48.1. Prices were as high as $94.4 in 2008 while they were only around $75 in 1995 prices. In 2007, they averaged $69.1 in current prices but were $56 in real terms.
Kuwait-based OAPEC is a multi-governmental organisation which coordinates energy policies between oil-producing Arab nations, and whose main purpose is developmental.
The members are: Saudi Arabia, Algeria, Bahrain, Egypt, United Arab Emirates, Iraq, Kuwait, Libya, Qatar, Tunisia and Syria.
(Excerpt) Read more at albawaba.com ...
OPEC oil output drops, highest in four years (news search results):
Who said Obama hasn’t taken care of the rich? They aren’t evil if they are Muslim. He’s done everything in his power to help them off the U.S. economy by using the Energy Dept. and EPA to cut domestic production on federal lands. Only the private sector oil and nat gas companies have kept us going, and that is why he hates them.
Gee, too bad we don’t have oil in America.
“help them rip off the U.S. economy”
Sorry.
Someone should ask Obama at a press conference (or Jay Carney) why the rich Shiekhs are getting richer by selling oil, when we are not allowed to drill for oil on our own public lands????
Obama’s jobs plan is to employ Muslims in the Middle East!
To be more specific, zer0's jobs plan is to employ palestinians and other migrant workers in the mid-east, while their rich shiekh employers get wealthy.
OPEC Has Already Turned to the Euro...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.
GoldMoney Alert
February 18, 2004
|
US Imports of Crude oil
|
|||||
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
|
Year
|
Quantity (thousands of barrels)
|
Value (thousands of US dollars)
|
Unit price (US dollars)
|
Average daily US$ per € exchange rate
|
Unit price (euros)
|
|
2001 |
3,471,066
|
74,292,894
|
21.40
|
0.8952
|
23.91
|
|
2002
|
3,418,021
|
77,283,329
|
22.61
|
0.9454
|
23.92
|
|
2003
|
3,673,596
|
99,094,675
|
26.97
|
1.1321
|
23.82
|
We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.
As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.
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