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Page added on June 20, 2012
But last year’s windfall contrasts with a current slump in oil prices, which brought the cost per barrel to an 18-month low yesterday.
Oil receipts surged to $1.03tnlast year, an increase of 39 per cent on the year before, Opec said in its annual report released this week.
“The year 2011 was a turbulent one and affected by many largely unexpected events and circumstances, which, in the end, did not play out as negatively as they could have,” the report said.
Revenues were boosted by high oil prices. Driven by supply constraints arising from the civil war in Libya and reduced exports from other African producers, the Opec basket price rose to a yearly average of $107.46 a barrel. It was the first time the basket, an aggregate of the prices fetched by Opec members, surpassed the $100 a barrel mark.