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OPEC Profits to Reach Trillions in 2008

OPEC members earned $673 billion from oil exports last year, which is only 10% more than the previous year. Saudi Arabia took the lion’s share of these earnings, $194 billion, or about 29% of all OPEC revenues. Per-capita, OPEC made $1,140 on oil exports, or 8% more than 2006. In 2008, OPEC is likely to make as much as $1.2 trillion in oil export revenues, according to estimates from the Energy Information Administration’s June 2008 Short Term Energy Outlook.