Monday, July 11, 2011

Iran’s oil revenues to approach $100b in 2011, IMF says

TEHRAN - The International Monetary Fund says that the total oil revenues of the member states of the Organization of Petroleum Exporting Countries will surpass one trillion dollars in 2011 and Iran will earn about $100 billion of that sum.

According to a new IMF report entitled “World Economic Outlook”, the aggregate oil income of the 12 members of OPEC reached $766 billion in 2010, and it is expected that the figure will hit a new record in 2011 on high oil prices and reach $1.093 trillion.

The IMF forecasts that Iran’s oil income will rise $25 billion in 2011 compared to 2010 and will reach $97 billion.

The OPEC Reference Basket (ORB) was on average $77 barrel per day (p/d) in 2010 and rose to $104 p/d in the first four months of 2011.

The new OPEC Reference Basket (ORB), which was introduced on June 16, 2005, is currently made up of the following types of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates), and Merey (Venezuela).

The IMF report said that Saudi Arabia’s oil revenues will hit $324 billion in 2011 and the oil revenues of other OPEC members will also increase remarkably this year.

OPEC was founded in Baghdad in September 1960 with the signing of an agreement by five countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. They were to become the founding members of the organization.

These countries were later joined by Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, and Angola.

From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership effective January 2009.

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