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Friday, May 24, 2013
Saudi Arabia’s revenue from exports of crude oil and other petroleum products jumped 48% in 2011 as shipment volumes increased over the previous year, OPEC reported. The world’s largest crude exporter shipped oil and products valued at US$318.5 billion last year compared with US$215.4 billion in 2010, the Organization of Petroleum Exporting Countries said in its annual statistical bulletin. Saudi exports of crude and other petroleum products rose 6.9% to an average of 8.12 million bpd last year, according OPEC reports. Iran, the group’s second-biggest producer after Saudi Arabia, exported crude and petroleum products valued at US$114.8 billion compared with US$72.2 billion the previous year, the data showed. Iran’s revenue increased even as the volume of the nation’s shipments fell 8.5%, according to OPEC. Revenue for OPEC members in the Middle East last year was the highest since 2007, according to the data. Revenue for Kuwait and the United Arab Emirates increased 56% last year to US$96.8 billion and US$104.5 billion, respectively, while Iraq’s revenue gained 59% to US$83 billion, according to the OPEC data. – Bloomberg
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