Revenue estimates: for Opec
EIA pegs Opec earnings at $400bn
The prospect of higher crude oil prices later in the year will boost Opec's oil export revenues above $400 billion for 2009, the US Energy Information Administration (EIA) said today.
The EIA revised up its estimate for Opec's oil export earnings for this year to $402 billion, about $15 billion more than the agency forecast last month.
That would still be way down from last year's record $971 billion in revenue and would rank as the lowest earnings for the producer group in five years.
Opec revenue is set to rise to $530 billion in 2010, the EIA said.
Last summer, when oil was trading at a record $147 a barrel, the EIA forecast that Opec would make $1.3 trillion this year off crude exports.
However, a weak global economy has reduced oil demand and pushed crude prices to below $36 this week. Opec members have been cutting back on their production to try to prop up prices.
The EIA estimates that Opec members are meeting about 2.6 million barrels per day of the 4.2 million bpd pledged in production cuts, a Reuters report said.
With Opec output compliance at nearly two-thirds, the result has been fewer oil exports, which contributes to the drop in earnings compared to last year.
Opec meets again on 15 March to decide whether further production cuts are needed.