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MENAFN - 30/07/2013

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(MENAFN) The Organization of the Petroleum Exporting Countries (OPEC) reported almost 10 percent increase in total crude exports from its members last year, Reuters reported.

The organization also said that collective gross domestic product (GDP) for the members climbed 12 percent.

The value of the group's petroleum exports rose to USD1.26 trillion in 2012, up from USD1.15 trillion in the previous year, the report said, while its collective GDP at current prices amounted to USD3.35 trillion, up from USD3 trillion in 2011.

Libya posted OPEC's biggest increase in exports as its oil industry recovered after the 2011 civil war, earning petroleum export revenues of USD60.2 billion, up from USD18.6 billion in 2011.

On the other hand, Iran posted the biggest fall in exports, hurt by tighter US and European sanctions over its nuclear programme. Iran's petroleum exports declined to USD101 billion from USD115 billion in 2011.

Total proven oil reserves in OPEC's member exporters were almost flat in 2012, according to the report. Reserves grew by 0.2 percent to 1.2 trillion barrels and Venezuela remained the biggest reserves holder.

 






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