OPEC oil exports earn $1.24 trillion in 2012, up 8.5% from 2011

London (Platts)--5Jul2013/827 am EDT/1227 GMT


OPEC's collective oil export earnings rose 8.5% to $1.24 trillion in 2012 from $1.14 trillion in 2011, the oil producer group said Friday in its latest annual report. It stressed that the 2012 figure was a preliminary estimate.

The group pumped an average 31.13 million b/d of crude last year, which compares with 2011 average output of 29.78 million b/d. OPEC uses secondary sources to monitor its output.

OPEC's 12-crude basket averaged $109.45/barrel, up 1.9% from $107.46/b in 2011.

The report showed average GDP growth among the 12 members more than doubled to 5.3% last year from 2.1% in 2011. However, individual GDP growth varied from minus 1.2% in the case of Iran, whose oil exports have been drastically curtailed by US and EU sanctions, to 80% in the case of Libya, whose oil output fell to almost zero during the 2011 uprising against the regime of Moammar Qadhafi but recovered towards pre-uprising levels of 1.5-1.6 million b/d in 2012.

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Total OPEC crude output increased by 2.35 million b/d or 7.6% over the four years between 2009 and 2012, to 31.132 million b/d last year from 28.78 million b/d in 2009.

OPEC's Arab producers in the Middle East accounted for the biggest percentage increases over the four-year period.

The report showed OPEC kingpin Saudi Arabia boosting output by 1.69 million b/d - about 17.3% - between 2009 and 2012, to 9.74 million b/d last year from 8.05 million b/d in 2009.

Kuwaiti production rose by nearly 19% over the four-year period, to 2.79 million b/d in 2012 from 2.26 million b/d in 2009.

UAE output increased by 14%, to 2.62 million b/d last year from 2.26 million b/d in 2009.

Iraqi output rose by 18.7% over the four years, to 2.98 million b/d in 2012 from 2.42 million b/d in 2009.

But Iranian production plunged by 25.3% between 2009 and 2012, to 2.97 million b/d last year from 3.73 million b/d four years earlier.

--Margaret McQuaile, margaret.mcquaile@platts.com
--Edited by Jonathan Fox, jonathan.fox@platts.com

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