(November 13, 2007 Hong Kong) Opec crude oil revenues are set to rise to $658 billion this year, an increase of almost 9 per cent from 2006 levels, as prices reach a record high and the oil group starts to reverse last year's production cuts, according to US government data.
The Energy Information Administration, the statistical arm of the US Energy Department, estimates that revenues will increase even further in 2008 to hit an all-time high of $762bn, a 16 per cent rise from this year's level, amid forecasts of continued strength in oil prices and further Opec output increases.
