Opec seen to gain $402B earnings in 09

Members of the Organisation of Petroleum Exporting Countries (Opec) is anticipated to achieve $402 billion of net oil export revenues in 2009 and almost $530 billion in 2010, according to the recent update of a U.S. government agency. U . S . official energy forecaster Energy Information Administration (EIA) noted in its report that this would mean a 59% decrease for Opec compared to the previous year''s revenues. The decline, in real terms, means Opec could get similar earnings it had four years ago in 2004, based on EIA data. Opec''s earning in 2008 was a 42% increase from that of 2007. The report is according to the expected spot prices across the year. EIA sees the average oil price for 2009 at $43.14 a barrel. It forecasts the price to increase to $55 a barrel in 2010. "Global oil consumption is seen to fall by 1.2m barrels per day in 2009, showing an additional fall of 400,000 barrels from the last month''s outlook," the EIA report claimed. However, the market is seen to perk up pace in the 2H 09. Opec will again seek to cut its production at its March 15 meeting and the move is anticipated to mitigate some of the problems in oil markets, based on EIA report.adidas