The total revenue of the 11 members of the Organisation of Arab Petroleum Exporting Countries (OAPEC) soared to US$624.8bn in 2011, according to the latest data from the organisation
The combined Arab income stood at US$479bn in 2011 taking into account the real dollar value and global inflation. While the nominal price of OPEC's basket of crudes stood at around US$107 per barrel in 2011 its real value averaged about US$88 in 1995 prices. The oil price in 2010 also averaged nearly US$60 far below the level in current prices.
OAPEC data for the oil income generated in the 2010 was announced as US$450bn.
In 2010
In 2009 current oil prices averaged around US$61 but in 1995 prices they were about US$48.1. Prices were as high as US$94.4 in 2008 while they were only around US$75 in 1995 prices. In 2007 they averaged US$69.1 in current prices, but were US$56 in real terms.
The UAE's income swelled to an all time high of about US$85.9bn from US$57.9bn while that of Kuwait grew to US$79.6bn from US$53bn.
Kuwait-based OAPEC is a multi-governmental organisation that coordinates energy policies between oil-producing Arab nations and whose main purpose is developmental.
