The 12 member states of oil producers group Opec earned approximately $1.08 trillion in 2011, an increase of $307bn over its 2010 earnings.

The biggest earner was Saudi Arabia with $318.5bn, followed by Iran with $114.8bn and the UAE with $104.5bn, according to the latest figures released by Opec in its annual statistical bulletin.

Opec’s basket of 12 crudes averaged $107.46 a barrel in 2011, compared with $77.45 a barrel in 2010, accounting for the majority of the increased revenues. Production figures were also up almost across the board. The group’s largest member, Saudi Arabia, produced 9.3 million barrels a day (b/d), up 14 per cent from 2010, and exported 7.2 million b/d, up 8.6 per cent. Iran’s export earnings came despite a 12 per cent drop in production levels.

The only major supply contraction was in Libya. Average production in 2011 fell by 67 per cent to only 489,500 b/d, from 1.49 million b/d in 2010.  Output levels have been swiftly restored, however, and state-owned National Oil Corporation (NOC) now reports production capacity at near pre-civil war levels of about 1.6 million b/d.

As a result of the loss of production and export capacity during the conflict, Libya’s oil export income fell to $11.8bn, compared with $46.1bn in 2010.

Average daily crude oil production (Thousand barrels a day)
Country 2010 2011 Percentage change
Algeria 1,189.8 1,161.6 -2
Iran 3,544 3,576 1
Iraq 2,358.1 2,652.6 12
Kuwait 2,312.1 2,658.7 15
Libya 1,486.6 489.5 -67
Qatar 733.4 733.5 0
Saudi Arabia 8,165.6 9,311 14
UAE 2,323.8 2,564.6 10
Opec 29,249.4 30,121.6 3
Global total 69,840.3 70,436.7 1
Source: Opec