OPEC net oil export revenues for 2005 are projected to be $345 billion, a 42% increase from 2003 revenues of $243 billion. The growth in OPEC oil export revenues compared to 2003 levels results mainly from big increases in crude oil prices combined with significant growth in OPEC net oil exports. Higher oil prices come as world spare oil production capacity hovers near historic lows and as world oil demand continues to grow strongly.
Source: U.S. Department of Energy’s Energy Information Administration