Saudi oil earnings up to USD311b in 2011: EIA

18 Jun 2012

(MENAFN) The US Energy Information Agency (EIA) announced that amongst OPEC’s 12-nations, Saudi was the largest earner in 2011, with USD311 billion in oil exports’ income, from USD222 billion in 2010, reported Emirates 24/7.

The EIA said that the Kingdom, which owns fifth of the world’s recoverable crude deposits, was followed by the UAE, with oil income of around USD101 billion as its production surged to over 2.6 million barrels per day (bpd) during the year, compared with USD67 billion in 2010.

On the other hand, earnings of Iran rose to USD95 billion, compared with USD71 billion in 2010, ranking the country at the third place, followed by Nigeria, with USD90 billion from USD65 billion in 2010.

The agency added that Kuwait’s income of oil exports reached USD85 billion in 2011, up from USD61 billion, whereas those of Iraq grew to USD71 billion from USD49 billion.

It is worth noting that Libya’s oil earnings dropped from USD44 billion in 2010 to USD13 billion in 2011, due to disruption in its crude supply as a result of the civil war.

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