OPEC Set For $1,000bn In Export Revenues -- Financial TimesOpec, the oil producers’ cartel, will reap $1,000bn in export revenues this year for the first time if crude prices remain above $100 a barrel, according to the International Energy Agency.
The cartel has been one of the main beneficiaries of high oil prices, which have soared in recent weeks amid the civil uprisings in the Middle East and north Africa.
Brent crude was trading at $115 a barrel on Tuesday.
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My Comment: One of my past professions (and background) is being an analyst for oil production/consumption/prices. I always said then .... and I have been saying the same thing in this blog for the past few years .... there is an incredible amount of oil out there .... the problem has never been getting it .... the problem has always been government interfering in the industry and on how it operates.
After what happened last year with the BP oil blowout in the Gulf of Mexico, and how the White House approached this environmental disaster by forcing BP to cough out $20 billion .... I am not surprised to read stories like this one .... and all the speeches in the world are not going to change that. Mind you we are not the only ones who have a government that stumbles on how energy should be delivered .... the British are in a class of their own.