OPEC May Generate 2nd Year of Record Oil Income on Price Rise

Bloomberg.com: Latin America

Jan. 12 (Bloomberg) -- OPEC, which pumps about 40 percent of the world's oil, may generate a second straight year of record oil sales in 2006 on higher prices, the U.S. Department of Energy said.
Oil income to the 11-member organization, of which Saudi Arabia is the largest producer, may rise about 10 percent this year to $522 billion, compared with an estimated $473 billion in 2005, the department's Energy Information Administration said in a report on OPEC revenue posted on its Web site.
The price of West Texas Intermediate blend of crude may average about 12 percent higher this year at $63.27 a barrel, compared with an average $56.49 a barrel in 2005, the administration said.
Saudi Arabia will earn the most with $162 billion, compared with $153 billion in 2005, the administration said. The kingdom may be followed by the United Arab Emirates, Nigeria and Iran, data showed. The value of OPEC oil sales rose 43 percent last year on higher prices and production, the administration said.