High production levels and strong oil prices boosted the Organisation of Petroleum Exporting Countries (OPEC) crude export earnings to an all time high of US$1.026 billion in 2011
The 12-nation OPEC's income was $769 billion in 2010, according to the Energy Information Agency (EIA).
Oil prices have soared by nearly 50 per cent to an average of $105 per barrel in 2011 and they are expected to remain above $100 through 2012.
Saudi Arabia was the largest earner, with its income climbing to $311 billion from $222 billion in 2010.
The UAE has emerged as the second largest earner after its oil output swelled to more than 2.6 million bpd in 2011. Its income was estimated to be $101 billion, climbing from $67 billion in 2010.
The price surge had boosted Iran's crude export earnings to $95 billion, from $71 billion in 2010 while those of Kuwait leapt to $85 billion from $61 billion.
EIA's forecasts have revealed that OPEC's revenue could break the 2011 record and climb to 1.154 billion in 2012 before slipping to about $1.117 billion in 2013.
