Nigeria and Saudi Arabia are to earn about $341 billion or 32.3 per cent of the total 12-member nations Organisation of Petroleum Exporting Countries (OPEC) $1.171 trillion expected oil income this year.
According to United States Energy Information Administration (EIA), the OPEC fold would be earning a whopping $1.171 trillion from oil export this year.
EIA said that member countries of OPEC would also earn $1.133 trillion in 2013, up from $1.03 trillion in 2011, the EIA further said in its recently released Short-term Energy Outlook (STEO).
EIA further noted that electricity generation from coal would decline by about 10 per cent this year as generation from natural gas increases by about 17 per cent. In 2013, according to it, electricity generation from coal would increase by about seven per cent and generation from natural gas could fall by three per cent.
In its annual report OPEC had revealed that its total oil export earnings rose to about $650 billion in 2010 from $518 billion in 2009 mainly because of an increase of nearly $15 in oil prices.
The body earned and recorded an all-time high income of around $966 billion in 2008 when crude prices reached the highest level ever and averaged nearly $147 per barrel.
OPEC’s crude oil production averaged 31.39 million barrels per day (mbpd) in March, representing an increase of 120,000 barrel per day (bpd) from an estimated 31.27 million bpd in February.
A recent survey by Platt, showed that production increases totaling 320,000 bpd from Iraq, Libya and Saudi Arabia were partly offset by decreases totaling 200,000 bpd from Angola and Iran.
Oil output from the organisation rose in February to the highest since October 2008 due to a further recovery in Libya’s production, higher supplies from Angola and Saudi Arabia, a Reuters survey of sources at oil companies, OPEC officials and analysts revealed.