OPEC Members Boast Over $1 Trillion in Net Revenues in 2012

January 3, 2013

The Financial Times is reporting that OPEC members, led by Saudi Arabia, will earn more than $1 trillion in net oil revenues this year, which is a record. Depite weak economic growth around the globe, the price of Brent crude oil continues to flirt with an all-time high price level.

Brent Crude Oil Spot Price Chart

Brent Crude Oil Spot Price data by YCharts

In 2012, the average price for a barrel of Brent crude oil was $111.50. Some analysts expect the average price per barrel to increase even higher in 2013. According to the IMF, Saudi Arabia needs oil prices to average at, or above, $80 per barrel in order to balance their budget. Just ten years ago, the Saudis could balance their budgets when oil averaged $25 per barrel.

OPEC’s record-breaking oil revenues for 2012 represent a 400% increase in just one decade. (In 2002, OPEC reported revenues of around $200 billion.)

This data indicates that America must break its addiction to foreign oil sooner rather than later. It is becoming more paramount than ever before.

READ: America’s Energy Crisis 101

 

 

Please help us spread the word about FollowtheMoney.com on Facebook, Twitter,
and any other social media outlets.

Silver & Gold

Call 800-247-2812 now for the best prices on gold and silver coins and receive Free Shipping and Insurance when you mention Follow the Money.

Weekly Newsletter

Stay in the loop!
Sign up today to receive our
weekly e-newsletter.