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WASHINGTON - Opec's earnings from oil exports are expected to reach a record US$1.251 trillion (S$1.705 trillion) this year, about US$73 billion more than previously estimated, the United States government's top energy forecasting agency said.
Net oil export earnings from the Organisation of the Petroleum Exporting Countries are projected to jump 86 per cent this year from US$671 billion in 2007 and then rise 6 per cent to US$1.322 trillion in 2009, the Energy Information Administration said in its new monthly forecast on Tuesday.
Opec members have been raking in the cash from soaring crude prices, which hit a record US$145 a barrel last week.
During the first half of 2008, Opec members raised US$645 billion from oil exports.
Saudi Arabia accounted for almost one-third of that total, bringing in US$192 billion, just US$2 billion less than the kingdom's total oil export revenues in 2007, according to the EIA.
Iraq's oil earnings reached US$39 billion through June of this year, already US$1 billion more than the country's total oil earnings last year. -- REUTERS
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