Opec to earn 'almost $1tr from exports'

Washington: Opec member nations are expected to rake in almost $1 trillion this year from their oil exports due to record crude prices, according to the US government's top energy forecasting agency.

Net oil export earnings from the Organisation of Petroleum Exporting Countries were forecast to soar 45 per cent from last year's record $676 billion to $980 billion this year and then fall to $880 billion in 2009, when oil prices are expected to be lower, the Energy Information Administration said last week.

That is much higher than the EIA forecast in January for $850 billion in Opec earnings this year.

On a per-capita basis, Opec's oil export revenue will jump 43 per cent in 2008 to $1,636, said the EIA, which is the US Energy Department's independent analytical arm.

Opec members are spilling over with cash from strong global oil demand.