The Organisation of Petroleum Exporting Countries' (Opec) income from oil and gas exports jumped 35 per cent to over $1 trillion last year.
The Organisation of Petroleum Exporting Countries' (Opec) income from oil and gas exports jumped 35 per cent to over $1 trillion (Dh3.67 trillion) last year as world oil prices hit record highs of almost $150 per barrel, the group said in its Annual Statistical Bulletin on Wednesday. Opec saw the total value of its petroleum sales abroad reach almost $1,007 billion in 2008, up from $746 billion in 2007, which was itself a record.
Benchmark US crude oil futures which started in 2008 at just under $100 per barrel, rose to a peak of more than $147 in July and then retreated to around $40 by the end of the year, giving an average price for of around $99, up from $72 in 2007.
Opec pumps around a third of the world's oil and straddles almost four fifths of the world's proven crude oil reserves.
The increase in prices last year kept all of Opec's members in current account surpluses with a group current account balance of $467 billion for the year, up 28 per cent.