Arab oil exports reached USD 393 billion last year: OAPEC


The 33-member organization, in the annual report by the secretary general, released on Sunday, said value of the crude exports of the member states by rose 24.2 percent, USD 76.7 billion dollars, compared to 2005.

The hike was related to record increase of the oil prices, while the overall output of the crude dropped by 50,000 barrels per day, reaching the level of 21.36 million barrels throughout last year, compared to 21.41 million the year before.

All member states of OAPEC, including those whose output of the crude dropped, posted hikes in the value of the oil exports, except for Syria and Egypt.

The United Arab Emirates, during 2006, exported USD 52.4 billion worth of oil, Bahrain, USD 6.4 billion, Algeria, USD 25.8 billion, Saudi Arabia, USD 171.4 billion, Syria, USD 2.3 billion, Iraq, USD 32 billion, Qatar, USD 17.8 billion, Kuwait, USD 48.9 billion, Libya, USD 34.97 billion, and Egypt, USD 1.3 billion.The Kuwait-based OAPEC was established in 1968.


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