OPEC’s oil exports jump to $1.08 trillion

LONDON: OPEC's petroleum exports jumped in value by 40 percent in 2011 year-on-year and the producers'
GDP climbed 18 percent, according to their latest report, before a further increase in supplies this year that could bolster income further.
The gains, announced in OPEC's Annual Statistical Bulletin 2012 on Monday, reflect higher prices and steadily climbing output last year from many members of the Organization of the Petroleum Exporting Countries.
An increase in cash flow is a big advantage for producer countries, especially after they increased social spending in response to the Arab Spring unrest across the Middle East and north Africa.
The value of the group's petroleum exports rose to $1.08 trillion in 2011 from $771 billion in 2010, the report said, while its collective GDP at current prices amounted to $2.9 trillion, up from $2.46 trillion in 2010.
Libya bucked the upward trend in 2011 as its oil exports plunged due to the civil war, earning petroleum export revenues of $11.8 billion, down from $46.1 billion in 2010.
In 2011, Brent crude averaged around $111 a barrel, a record high. Analysts in a Reuters poll expect it will average just below $108 this year, while OPEC's production overall has continued to climb, suggesting 2012 will see another strong year of revenues.
OPEC's proven oil reserves, meanwhile, were little changed in 2011 after a 2010 increase, according to the report. Reserves grew by 0.2 percent to 1.19 trillion barrels and Venezuela remained the biggest reserves holder.
The standout country among the 12 OPEC members was Angola, whose reserves declined by almost 20 percent to 10.47 billion barrels in 2011, according to the OPEC report, which gave no reason for the drop.
OPEC's reserves figures are regarded with skepticism by some analysts, who cite a history of competitive upgrades among members and the fact that some countries have reported exactly the same reserves for a number of years.