Saudi Arabia’s oil revenues will reach $324 billion this year, a sharp increase from the $153 billion in 2010 income.
The International Monetary Fund, which released the estimate in a recent report, said the increase is due largely to rising oil prices. The price of a barrel of oil has been hovering around $100 for several months.
The IMF is forecasting that the cumulative oil revenue for members of the Organization of Petroleum Exporting Countries (OPEC) will exceed $1 trillion this year.
Meanwhile, Iran, an OPEC member and the fourth-largest oil exporter and producer in the world, will earn about $100 billion of that sum, according to the IMF’s “World Economic Outlook” report, a substantial increase from 2010’s $72 billion in revenue.
OPEC, a cartel of 12 oil producing and exporting nations, is made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Saudi Arabia is OPEC’s largest exporter, with 6.2 million barrels per day in exports, while Iran exports 2.4 million barrels per day.
(Eman El-Shenawi, a writer at Al Arabiya English, can be reached at: email@example.com.)