Thanks to high oil prices and high output, the income of the member countries of the Organization of Petroleum Exporting Countries (OPEC) in the first half of the year has been roughly the same as last year's total.
The Financial Times quoted the US Department of Energy’s digital report that from January to June this year, OPEC members’ income was 645 billion U.S. dollars, only slightly lower than the record annual figure of 671 billion U.S. dollars last year. According to the speed at which OPEC members currently earn the oil dollar, this year's revenue will reach a record high of 1.245 trillion U.S. dollars.
At the same time, industry sources estimate that in July of this year OPEC’s average daily crude oil production reached a record 32.6 million barrels.
The report also believes that despite the current decline in the international market oil prices, but is unlikely to seriously affect OPEC's oil revenue. One reason is that OPEC crude oil production is at a high level. On the other hand, international oil prices are still higher than the average level of US$111.1 per barrel in the first half of this year.
The Financial Times quoted the US Department of Energy’s digital report that from January to June this year, OPEC members’ income was 645 billion U.S. dollars, only slightly lower than the record annual figure of 671 billion U.S. dollars last year. According to the speed at which OPEC members currently earn the oil dollar, this year's revenue will reach a record high of 1.245 trillion U.S. dollars.
At the same time, industry sources estimate that in July of this year OPEC’s average daily crude oil production reached a record 32.6 million barrels.
The report also believes that despite the current decline in the international market oil prices, but is unlikely to seriously affect OPEC's oil revenue. One reason is that OPEC crude oil production is at a high level. On the other hand, international oil prices are still higher than the average level of US$111.1 per barrel in the first half of this year.
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