OPEC Could Earn $1,154 Billion of Net Oil Export Revenues in 2012

That equates to $1.154 trillion with a ‘t,’ according to the EIA short-term energy outlook.

Eric Wesoff May 14, 2012

Eric Wesoff

Editor-at-Large
Greentech Media

Eric Wesoff is Editor-at-Large at Greentech Media. Prior to joining GTM, Eric Wesoff founded Sage Marketing Partners in 2000 to provide sales and marketing-consulting services to venture-capital firms and their portfolio companies in the alternative energy and telecommunications sectors. Mr. Wesoff has become a well-known, respected authority and speaker in these fields.

His expertise covers solar power, fuel cells, biofuels and advanced batteries. His strengths are in market research and analysis, business development and due diligence for investors. He frequently consults for energy startups and Silicon Valley's premier venture capitalists.

If one needs a rationale for increased energy independence for any non-OPEC nation, here it is.

Based on projections from the EIA's May 2012 Short-Term Energy Outlook (STEO), members of the Organization of the Petroleum Exporting Countries (OPEC) could earn "an estimated $1,154 billion of net oil export revenues in 2012 and $1,117 billion in 2013. Last year, OPEC earned $1,026 billion in net oil export revenues, a 33 percent increase from 2010."

Saudi Arabia earned the largest share of these earnings, $311 billion, representing 30 percent of total OPEC revenues.