The Energy Information Administration (EIA) of the US Department of Energy has released figures that show that OPEC member states from GCC countries made a total of US$87 billion in oil export revenue for the first five months of 2009.
Saudi Arabia lead the way with $48 billion in revenues followed by the UAE with $16 billion, Kuwait with $15 billion and Qatar with $8 billion.
The total figure for OPEC countries stood at $178 billion. The oil export revenues for other OPEC member states from the Middle East and North Africa (MENA) region included Iran with $17 billion, Algeria $13 billion, Iraq with $12 billion and Libya with $11 billion.Â
The EIA has estimated that revenues will grow significantly after a sharp increase in oil prices and a projected increase in demand for hydrocarbons in the next 12-18 months.Â
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