Opec's oil revenues this year are set to grow 2.5% to an all-time high of $1.05T, boosted by a...

|By:, SA News Editor

Opec's oil revenues this year are set to grow 2.5% to an all-time high of $1.05T, boosted by a record average daily price for Brent oil of $111.50 a barrel and strong output in H1. Opec's income in 2012 is over five times the $200B that the cartel earned a decade ago and is a record even when adjusted for inflation, topping the peaks seen during the oil crises of 1973-74 and 1979-81.