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Nigeria: OPEC to Earn Over $1trn From Oil Exports - EIA
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Leadership (Abuja)
8 May 2008
Posted to the web 8 May 2008
Ese Awhotu
Abuja
Members of the Organisation of Petroleum Exporting Countries (OPEC) are likely to earn over $1 trillion this year from oil exports, according to the US Energy Information Administration (EIA).
The EIA in its new forcast released yesterday projected that Net oil export earnings from OPEC will skyrocket 57 per cent from last year's $674 billion to $1.06 trillion this year and then decline to $990 billion in 2009 after an expected contraction in oil prices, This is much higher than the EIA's estimate at the beginning of the year that OPEC would earn $850 billion from oil shipments in 2008.
According EIA on a per-capita basis, OPEC's oil export revenue will rise 55 per cent in 2008 to$1,769 from $1,143 last year. EIA noted that OPEC members are benefiting strong global oil demand and skyrocketing crude prices, which for US oil topped a record $122.73 a barrel this week.
Even though US oil demand is expected to decline by 190,000 barrels a day this year because of high energy prices and a weak American economy, the EIA forecasts that global oil consumption will rise by 1.2 million barrels per day in 2008.
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Meanhile, the price of oil rose to a record high of 122.81 dollars yesterday on concerns over tight supplies,traders said.
According to the economic times report, New York crude reached the new high despite news that US energy stockpiles had risen by a bigger than expected amount last week. Runaway oil prices have almost doubled in the past year and have surged by more than 20 dollars since the beginning of 2008.
The report said the market was also boosted this week after Goldman Sachs forecast that prices could strike 200 dollars per barrel within the next two years.
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