The U.S. Energy Information Administration (EIA) forecasted that with the continued rise in international oil prices and the increase in oil production, the net oil export revenue of the 13 member states of OPEC in 2008 will increase by 75% year-on-year to 1.178 trillion U.S. dollars. The daily income is about 3.2 billion U.S. dollars. This forecast is based on the average daily output of OPEC oil will reach 32.4 million barrels this year, an increase of 4.7% over last year. According to EIA, OPEC’s oil production was close to 32.5 million barrels per day in May this year, and the average output in the first five months of this year reached about 32.2 million barrels per day. The price forecast is based on the spot market prices of different grades of crude oil in various member countries.
According to EIA, even though oil production in OPEC countries will fall by 3.4% in 2008 compared with 2008, oil export revenue will still increase by 3% to reach US$1.2 trillion, and the average daily income will exceed US$3.3 billion.
According to EIA's forecast, the average price of American benchmark oil West Texas Intermediate (WTI) crude oil will reach 122.15 US dollars/barrel this year, an increase of 69% over last year, and the average price of WTI crude oil will still increase by 3.2% in 2009 to reach US$126/barrel. .
According to EIA, even though oil production in OPEC countries will fall by 3.4% in 2008 compared with 2008, oil export revenue will still increase by 3% to reach US$1.2 trillion, and the average daily income will exceed US$3.3 billion.
According to EIA's forecast, the average price of American benchmark oil West Texas Intermediate (WTI) crude oil will reach 122.15 US dollars/barrel this year, an increase of 69% over last year, and the average price of WTI crude oil will still increase by 3.2% in 2009 to reach US$126/barrel. .
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