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Industry and Energy

Industry and Energy

OPEC on target for $1 trillion year â€Ž

30 March 2011 13:49 (UTC +04:00)

Baku - APA-Economics. Oil cartel OPEC is set to rake in $1 trillion worth of exports this year if prices remain above $100 per barrel, a report said Tuesday, Newsroom America reported.

Officials with the International Energy Agency said at current export rates, the number of barrels sent abroad by the oil cartel are on pace to be slightly lower than in 2008, when total revenues amounted to $990 billion.

But if prices remain above the century mark, OPEC’s revenues would reach the $1 trillion mark despite lower output, according to IEA estimates.

Prices have been high - over $100 a barrel - for weeks on rising unrest in Libya and elsewhere in the oil-producing nations of the Middle East. Prices for crude in the U.S. traded above $104 on Tuesday, while Brent Sea crude in Europe rose to more than $115 a barrel.

The Financial Times said large oil producers like Saudi Arabia will use the additional income to boost public spending by billions of dollars, largely in an effect to quell public unrest.

But the prices are hurting U.S. consumers, other analysts noted, as higher gas prices stunt economic recovery efforts as the nation heads into its busier sunmer driving season.

Critics of President Obama’s energy policies have called on the administration to approve more exploration of domestic oil sources, saying such development would increase global supplies, reduce overall prices and help wean the U.S. from volatile energy sources overseas.

İDMAN XƏBƏR

Industry and Energy

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