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OAPEC Production, Revenues Hit Record High in 2005

Posted on: Thursday, 26 January 2006, 09:00 CST

OAPEC production, revenues hit record high in 2005

KUWAIT CITY, Jan. 25 (Xinhua) -- The Organization of Arab Petroleum Exporting Countries (OAPEC) said on Wednesday that its oil production and revenues hit an all-time high in 2005.

OAPEC said in a monthly report that its petroleum production increased to 21.4 million barrels per day (bpd) and the revenues exceeded 328 billion U.S. dollars last year.

According to the report, the petroleum consumption of OAPEC's member states didn't exceed 3.7 million bpd in 2005, leaving 17.7 million bpd, or 83 percent, for exportation.

Meanwhile, OAPEC increased its stake in the international oil market to 41 percent as its oil distribution exceeded 30 million bpd, figures which haven't appeared since 1979.

The report contributed the performance in 2005 to a booming oil demand market and surging oil prices.

World crude oil prices reached 70 U.S. dollars in August 2005, while the demand for oil was up to 83.3 million bpd and oil distribution increased to 84.3 million bpd.

OAPEC hopes that in 2006 efforts would be made to restrict external effects on the market, namely speculations and taxes imposed by oil-importing countries.

Source: Xinhua News Agency - CEIS

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