Processing .....please wait.. 
The article has been forwarded.... 
OPEC revenue could top $1 trillion by year's end: US
By
IANS
Washington: Members of the Organisation of Petroleum Exporting Countries (OPEC) took in $642 billion in oil exports revenue during the first seven months of 2008 and may well eclipse the total amount from the previous year, the US Energy Department said Tuesday.
Boosted by high oil prices and increased production, OPEC will likely set another record year in revenue on net oil exports.
OPEC's revenue could exceed $1 trillion by the end of this year and continue to climb in 2009, according to projections by the Energy Information Administration, the number crunching agency for the Energy Department.
OPEC's revenue was $671 billion in 2007, with Saudi Arabia raking in the most revenue at $194 billion, accounting for 29 percent of the 2007 total intake.
Oil and gasoline prices have set record highs in recent years, resulting in record profits for oil companies and petroleum-producing states at a time when economies are struggling, leaving motorists to pay at the pump.
US President George W. Bush has received minor concessions from the Saudis on his requests earlier this year to increase production to alleviate the high demand pressure on the market.
Saudi Arabia has agreed to limited hikes in production, but well below Bush's request.
Boosted by high oil prices and increased production, OPEC will likely set another record year in revenue on net oil exports.
OPEC's revenue could exceed $1 trillion by the end of this year and continue to climb in 2009, according to projections by the Energy Information Administration, the number crunching agency for the Energy Department.
OPEC's revenue was $671 billion in 2007, with Saudi Arabia raking in the most revenue at $194 billion, accounting for 29 percent of the 2007 total intake.
Oil and gasoline prices have set record highs in recent years, resulting in record profits for oil companies and petroleum-producing states at a time when economies are struggling, leaving motorists to pay at the pump.
US President George W. Bush has received minor concessions from the Saudis on his requests earlier this year to increase production to alleviate the high demand pressure on the market.
Saudi Arabia has agreed to limited hikes in production, but well below Bush's request.
Reader's comments(1)
1
All peaceloving people should be alarmed by the flow of such enormous sums of
money into the coffers of OPEC nations many of whom top the list of rogue states
that sponsor Madrassas that preach hate and terrorist training camps that
brainwash, train, and launch dastardly, cowardly but deadly attacks against
peaceful nations and peoples around the world!
money into the coffers of OPEC nations many of whom top the list of rogue states
that sponsor Madrassas that preach hate and terrorist training camps that
brainwash, train, and launch dastardly, cowardly but deadly attacks against
peaceful nations and peoples around the world!
Posted by:
Chanakya
- Terror puts India among 20 most dangerous places
- Expatriate CEOs still feel safe in Mumbai
- Deccan Mujahideen email threatens Delhi
- UK's work-permit norms to affect Indian IT staff
- Expatriate CEOs still feel safe in Mumbai
- Inflation will moderate: Chidambaram
- Karnataka firms seek licence for modern weapons
- Taj hotel premises handed back to Tata group
- Air India cuts fares on all domestic routes
- Inflation will moderate: Chidambaram
- Terror puts India among 20 most dangerous places
- Mumbai terror: IT clients cancel Bangalore visits
- 'Terrorists have no religion; politicians, act responsibly'
- 'Mumbai terror strikes meant to hit Indian economy'
- Online social media comes alive during Mumbai attacks
- MNCs pay more to Indian staff
- Future CEOs may emerge from HR departments
- 'IT industry raised India's international image'
- Former PM V.P. Singh, the Mandal messiah, dies
- Bad bosses can give heart attacks to men