Saudi Arabias revenue from exports of crude oil and other petroleum products in 2012 rose 5.3 percent from a year earlier while Irans income from sales abroad sank by 12 percent, OPEC reported.The worlds largest crude exporter shipped oil and products valued at $336.1 billion last year, up from $319.1 billion in 2011, theOrganization of Petroleum Exporting Countriessaid in its Annual Statistical Bulletin today. The kingdoms export revenue advanced at a slower pace than the 49 percent gain in 2011, the data showed.
Saudi shipments of crude and refined petroleum products rose 3.7 percent to an average of 8.42 million barrels a day last year, according to the data posted on OPECs website today. Iranian petroleum export revenue fell to $101.5 billion as the nations shipments fell 14 percent to an average of 2.56 million barrels a day, OPEC said.
OPECs petroleum exports revenues were $1.26 trillion last year, 9.2 percent more than the revised $1.15 trillion for 2011, the data showed. For some members the revenue data may include condensates or other natural gas liquids as well as crude and refined products, and some OPEC nations import substantial amounts of crude and products thus lowering net revenue, OPEC said in the report.
Exports of crude and petroleum products from all OPEC nations increased 7 percent in 2012 to 29.6 million barrels a day, equivalent to 46 percent of world exports, the report showed.
OPECs members areAlgeria,Angola,Ecuador, Iran, Iraq,Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
By Bloomberg
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