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OPEC Profits to More Than Double in 2008

OPEC, or the Organization of the Petroleum Exporting Countries, made $671 billion in net oil export revenues in 2007, a 10% increase from 2006. The Energy Information Administration estimates that OPEC’s net oil export revenues will be $1,251 billion in 2008 and $1,322 billion in 2009.

In 2006, Saudi Arabia took the largest share of oil export revenues, which totaled $194 billion and accounted for nearly a third of all OPEC revenues. On a per-capita basis, OPEC net oil exports earned roughly $1,137, a 8% increase from 2006. So far this year, OPEC has earned over $645 billion in net oil export earnings.