OAPEC records US$624.8 billion revenue in 2011

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 Saudi Arabia earned US$184.4bn from oil exports, which jumped to US$289bn in 2011, the report said. Bahrain's 2011 income stood at US$6.3bn.

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.