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)|