The Organisation of Petroleum Exporting Countries (OPEC) has announced that its petroleum exports increased by almost 10 per cent in 2012 year-on-year with the group’s GDP climbing by 12 per cent
According to OPEC’s Annual Statistical Bulletin 2013, the value of the total exports rose to US$1.26 trillion in 2012 from US$1.15 trillion in 2011, while its collective GDP at current prices amounted to US$3.35 trillion, up from US$3.0 trillion in 2011.
OPEC said petroleum exports also included refined oil products.
Libya posted OPEC’s biggest increase in exports, earning petroleum export revenues of US$60.2bn, up from US$18.6bn in 2011.
OPEC’s proven oil reserves, meanwhile, were little changed in 2012, according to the report. Reserves grew by 0.2 per cent to 1.2 trillion barrels.
READ MORE...
