OPEC earnings to jump 32 percent in 2010

Reuters, Wednesday 8 Dec 2010

OPEC oil revenues are expected to increase by 32 per cent according to the US energy Department

US Energy department expects the OPEC crude oil price to rise by 32 per cent

The crude oil prices and increased global demand for oil will prompt OPEC oil export revenues to rise by about a third this year, and will continue to increase in 2011, according to  the U.S. Energy Department .

The U.S. Energy Information Administration estimates of the export earnings of OPEC oil in 2010 equal to $750 billion, with an increase of 32 percent from $571 billion dollars last year. Saudi Arabia is excpected to accounts for almost quater of the OPEC exports.

Oil prices  recorded its highest level in 26 months at about $91 a barrel on Tuesday, which will benefit the  OPEC members, but harms the  consumers at petrol stations.The average price for gasoline in the United States is $2.96 per gallon on Monday, the highest level since October, and may reach $3 a gallon by the end of the week. The price of oil is more than half the cost of making gasoline.

The Energy Information Administration said that it expected to increase export earnings of OPEC oil by 13 percent in 2011 to reach $847 billion.

But it will stay away on the record level of $ 966 billion recorded in 2008, when the price of oil reached its highest level ever at $147 a barrel and the price of gasoline jumped to $4.11 a gallon in the summer of that year.

The Energy Information Administration estimates for the  OPEC revenues comes before the meeting of the Organization in Ecuador in 11th of of December.

The administration expects that the growing global demand for oil by 1.4 million barrels per day next year, plus keeping the  spare capacity in OPEC close to 5 million barrels per day compared with 4.3 million b / d in 2009 and 1.5 million

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