Saudi Arabia was the highest oil producer among the members of Organisation of Petroleum Exporting Countries (OPEC) in 2012, according to a new report
The Energy Information Administration (EIA) report said that the OPEC members, with exception to Iran, earned nearly US$982bn in net oil export revenues last year, marking a 5.4 per cent overall increase on 2011. Saudi Arabia accounted for 32 per cent of the total OPEC revenues last year with US$311bn, the EIA reported.
The department, however, also forecasted that OPEC sales will drop in 2013 and 2014 due to crude gains from North America and a surge in production from their shale basins.
“Crude sales will tumble by 4.3 percent to US$940bn this year and by 3.9 percent to US$903bn next year,” it said.
OPEC, in its July 2013 market report, noted that Saudi Arabia had produced 9.7mn bpd in 2012 and saw a 4.3 per cent increase from 2011’s output.
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