The total revenue of the 11 members of the Organisation of Arab Petroleum Exporting Countries (OAPEC) soared to $624.8 billion in 2011, according to the latest data. OAPEC data for the oil income generated in the year 2010 was announced as $450bn. In real terms, the combined Arab income stood at $479bn in 2011 taking into account the real dollar value and global inflation. While the nominal price of OPEC's basket of crudes stood at around $107 per barrel in 2011 its real value averaged about $88 in 1995 prices. The oil price in 2010 also averaged nearly $60 far...
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