London (Platts)--19Jun2012/724 am EDT/1124 GMT

OPEC's 12 members earned a combined $1.04 trillion in oil export revenues last year, up from $745 billion in 2010, the oil producer group's Vienna secretariat said in its annual report this week.

Crude production from all 12 members averaged 29.8 million b/d in 2011 compared with 29.2 million b/d in 2010, OPEC said.

The average price of the OPEC crude basket rose to $107.50/barrel last year from $77.50/b the previous year.

Excluding Libya, where a rebellion against the regime of Moammar Qadhafi reduced oil production and exports to virtually zero, average GDP growth within OPEC rose to 4.8% from 3.8% in 2010.

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"The increase in the oil price of nearly 28% and in OPEC's crude oil production of almost two per cent contributed to the rise in economic growth in 2011. This was led mainly by expansion in Iraq and Saudi Arabia," OPEC said.

"The robust progress with Iraqi oil production and economic growth and the massive infrastructure and industrial development in Saudi Arabia were the main features of 2011, and these are expected to continue in 2012."

In Libya, however, "oil production, which normally constitutes the major component of the country's economy, stopped from March to October 2011 during the political upheavals, bringing down the economic growth rate there to negative levels," OPEC said.

--Margaret McQuaile, margaret_mcquaile@platts.com

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