Saudi Gazette reports that 2012 was a banner year for the Organization of Petroleum Exporting Countries, earning them $1 trillion in net revenues. This new year looks to be a bit less profitable as new oil production from the US (as well as Canada) cuts into OPEC’s market share. Still, it’s not a bad time to be an oil producer!

Opec reaps record revenue in 2012

JEDDAH/NEW YORK/LONDON — The year 2012 was a bumper year for the Organization of Petroleum Exporting Countries (Opec). The organization, led by Saudi Arabia, will pocket a record of more than $1 trillion in net oil revenues in 2012 as the annual average price for Brent, the benchmark, heads to an all-time high in spite of weak economic growth.


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