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CHAPTER ONE
Developments in Global Markets
A year-on-year comparison shows that the value of members’ oil
exports went up by 12.5% or by $77.8 billion from $624.8 billion in
2011 to $702.6 billion in 2012. An analysis of individual member
countries shows that the increase varied from one country to another
while others saw a decline in revenue. Libya achieved the highest
level of increase, more than four and a half times compared with
the previous year, after the restoration of its production during the
year.
Kuwait came next with an increase of 25%, Bahrain 15.3%,
Iraq 10.6%, the United Arab Emirates 9%, Saudi Arabia 6.1%, Egypt
1.7%, while it declined in Qatar by 23% due to decrease in the oil
production, and by 7% in Algeria as a result of the decline in the
prices of light quality crudes and decrease in oil production, as shown
in
Table (1-15)
.
The value of OAPECmembers’oil exports in real 1995 prices, after
adjustment according to the index, repersenting the GDP deflator of
industrial countries, rose from $497.2 billion in 2011 to $536 billion
in 2012, or by 11.9%, as shown in
Table (1-16)
.
