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OPEC earned $1.26 tril from oil in 2012, up from $1.15 tril in 2011

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OPEC earned $1.26 tril from oil in 2012, up from $1.15 tril in 2011


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OPEC members' petroleum export earnings rose to a total $1.26 trillion in 2012 from $1.15 trillion in 2011, the oil cartel's Vienna secretariat said Monday.

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Figures published in the group's Annual Statistical Bulletin show that top producer Saudi Arabia's export earnings rose to $336.12 billion last year from $319.12 billion in 2011. The second-highest earner was the UAE with $118.08 billion, up from $111.61 billion in 2011.

Iran slipped to fifth place in the earnings rankings in 2012 with $101.47 billion from second place in 2011 with $114.75 billion. Crippling US and European Union sanctions on Tehran over its nuclear program came into effect in the middle of last year.

The only other country to see its oil export earnings fall year on year was Algeria, which reported $48.27 billion in 2012, down from $51.4 billion in 2011.

Libya's earnings rose to $60.19 billion last year from $18.62 billion in 2011. The country's production and exports ground to a virtual halt during the uprising against the regime of Moammar Qadhafi.

OPEC's top five earners last year were Saudi Arabia, the UAE, Qatar, Kuwait and Iran.

--Margaret McQuaile,
--Edited by James Leech,