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�Higher oil prices will push OPEC
Higher crude oil prices, which have pushed United States gasoline costs to record levels, will boost the Organisation of Petroleum Exporting Countries oil export revenues this year to $286.4 billion, up 19 per cent from last year and almost $56 billion more than initially expected, the US government said on Monday.
The new forecast from the Energy Information Administration said the growth in OPEC oil revenues is due mainly to a 14.4 per cent rise in crude prices this year compared to 2003.
�These higher prices come as world spare oil production capacity hits historic lows, as world oil demand grows strongly, and as (the industrialised nations�) and US oil inventories remain at the low end of the 5-year average normal range,� EIA said.
The Energy Department�s analytical arm said it also expects the cartel�s overall oil exports this year to increase 4.6 per cent, reflecting strong global petroleum demand, especially from China and the US.
OPEC�s net oil export revenues when adjusted for inflation are running about 60 to 70 per cent above the average annual revenues for the 1990s, but remain below the highs seen from 1974 through 1985, EIA said.
Saudi Arabia, the world�s biggest oil producer, will account for the largest share of OPEC revenues this year at $91.7 billion, up 13 per cent from last year, according to the agency.
The kingdom has pledged to boost its oil production levels and provide as much crude as the market needs.
Following the Saudis, OPEC�s biggest oil export earners for 2004 are forecast to be Iran ($27.5 billion), Nigeria ($27 billion), the United Arab Emirates ($26.3 billion) and Venezuela ($25.8 billion).
Iraq oil export revenues are expected to jump 85 per cent this year to $17.7 billion, up sharply from $9.6 billion last year when crude shipments were stopped in April and May because of the war.
Iraq�s oil export earnings should increase another 10 per cent in 2005 to $19.4 billion, slightly lower than the $21.2 billion previously forecast by EIA.
The PUNCH, Wednesday, June 30, 2004
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STOCK MARKET
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As at Tues, June 29, 2004
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8,265
8,250
8,235
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N189.95 |
+895k |
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| Total |
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N221.00 |
+752k |
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N179.95 |
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N17.53 |
-92k |
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