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FINANCIAL NEWS
Saudi oil exports in 2011 generate USD318.5b
18 Jul 2012
(MENAFN) A recent report released by the Organization of Petroleum Exporting Countries (Opec) showed that Saudi Arabia’s revenue from Crude oil exports jumped 48 percent in 2011 on higher volumes, Saudi Gazette reported.
The oil-rich Gulf Kingdom shipped USD318.5 billion worth of oil and products last year, up from USD215.4 billion in 2010, according to Opec’s annual statistical bulletin.
Crude exports’ volume increased by 6.9 percent to an average of 8.12 million bpd, the report said.
Last month, Venezuela was reported to have held 296.5 billion barrels of proven oil reserves by 2011-end, overtaking Saudi Arabia, with 265.4 billion barrels, as the worlds largest holder of proven oil reserves, according to BP annual Statistical Review of World Energy.
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