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19-08-10

Saudi Arabia earns $116b from oil in 7 months

(MENAFN) The Energy Information Administration (EIA) of the US Department of Energy said that Saudi Arabia earned $116 billion from oil production in the first seven months of 2010, Khaleej Times reported. Saudi Arabia, which produced nearly one third of Opec?s output during the period, remained the biggest gainer as the 12-nation OPEC, which contributes to nearly 40 percent of the world?s oil supply, earned $429 billion. EIA said Saudi Arabia, which controls nearly a quarter of recoverable global oil resources, saw its income surge by 64 percent to $100 billion in the first six months of this year from $61 billion during the same period of 2009. Iran, which controls the world?s second largest oil deposits after Saudi Arabia, continued to retain its spot, with an income of about $41 billion in the first seven months of 2010. It was followed by the UAE and Nigeria, which recorded earnings of $38 billion each during the period. While Kuwait and Angola recorded earnings of about $33 billion each, the income of Algeria was put at $31 billion, Iraq $28 billion, Libya $25 billion, Venezuela $22 billion, Qatar $20 billion and the smallest Opec producer Ecuador $4 billion.

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