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GCC OPEC members earn $87bn from January to May

Saudi leads way with revenues of US$48bn followed by UAE and Kuwait

By Kevin Baxter  
By Kevin Baxter  

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. 

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. 

 

Staff Writer

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