U.S. sees OPEC’s 2009 oil exports back over $400 billion

WASHINGTON (Reuters) – The prospect for higher crude oil prices later in the year will boost OPEC’s oil export revenues above $400 billion for 2009, the U.S. government’s top energy forecasting agency said on Wednesday.

The U.S. Energy Information Administration revised up its estimate for OPEC’s oil export earnings for this year to $402 billion, about $15 billion more than the agency forecast last month.

That would still be way down from last year’s record $971 billion in revenue and would rank as the lowest earnings for the producer group in five years.

OPEC revenue is set to rise to $530 billion in 2010, the EIA said.

Reuters