Based on projections from the EIA June 2009 Short-Term Energy
Outlook (STEO), members of the Organization of the Petroleum
Exporting Countries (OPEC) could earn $530 billion of net oil export revenues in 2009 and $620 billion in 2010. Last year, OPEC
earned $968 billion in
net oil export revenues, a 42 percent increase from 2007. Saudi Arabia earned the largest share of these
earnings, $285
billion, representing 29 percent of total OPEC revenues. On a per-capita
basis, OPEC net oil export earning reached $2,680 in 2008, a 40 percent increase from 2007.
Methodology
This report includes estimates of OPEC net oil export revenues. For each
country, estimates of oil production and consumption from the latest version of
the EIA STEO are used to derive net oil exports. We assume that these exports
are sold at prevailing
spot prices. For countries that export several different crude
varieties, we assume that the proportion of total net oil exports represented by
each variety is equal to the proportion of the total domestic production
represented by that variety; in other words, if we assume that Arab Medium
represents 20 percent of total oil production in Saudi Arabia, then we assume
that Arab Medium represents 20 percent of total net oil exports from Saudi
Arabia.
