OPEC Revenue Above $178 bln through May 2009

The US Energy Information Administration (EIA) reported that OPEC’s revenue in the first five months of 2009 exceeded $178 billion.
According to the report, the oil revenue of the Persian Gulf Cooperation Council stood at $87 billion (Saudi Arabia $48 billion, UAE $16 billion, Kuwait $15 billion and Qatar $8 billion).
During the same period, Iran’s oil revenue stood at $17 billion. The oil revenue of Algeria, Iraq and Libya stood at $13 billion, $12 billion and $11 billion, respectively.
The Islamic Republic of Iran’s crude oil export increased by 8,000 barrels per day in May, OPEC reported.
According to a monthly report by the Organization of Petroleum Exporting Countries, the average price for Iran’s crude oil in May reached $56.02, showing a $5.92-increase over the previous month.
OPEC basket price in May stood at $56.98, showing a $6.78-growth over the previous month. Iran’s crude exports also increased 8,000 bpd reaching 3.708 million bpd. The figure in April stood at 3.716 million bpd.
Oil prices fell below $72 a barrel on Monday in Asia, as a three-month rally lost steam amid a strengthening dollar. Benchmark crude for July delivery fell 68 cents to $71.36 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, it fell 64 cents to settle at $72.04.
Oil prices have more than doubled since March in part on expectations that massive US fiscal and monetary stimulus will hasten a decline of the dollar. Investors often buy crude and other commodities as a hedge against the possibility of inflation.
The euro weakened to $1.395 on Monday from $1.401 on Friday. Traders are also wary that the recent price run-up isn’t supported by improving supply and demand fundamentals.
“There’s more talk in the market of expectations of a pullback in oil,“ said Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore. “It’s rallied too much in too short a period of time. Oil is still very strong, given the weak overall fundamentals.“
On Friday, OPEC dropped its daily demand forecast for 2009 by 230,000 barrels, estimating that global consumption would shrink to 83.8 million barrels a day.Copyright 2009 Iran-daily.com. All rights reserved.

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