Barrelling ahead

OTTAWA


OPEC collectively accounts for more than a third of the world’s oil production and the lion’s share of the world’s capacity to meet rising demand.

For 2008, the cartel will see its revenue jump 57 per cent to $1-trillion, based on a new forecast of an average price of $110 (U.S.) a barrel, the EIA said. That windfall is the equivalent of adding the entire production of India, the world’s 12th-largest economy, to OPEC’s coffers, and the EIA sees little decline in it for the following year. In fact, many analyst expect prices to be even higher than the government agency’s forecast.

Globe and Mail