Aspire Week in Review - Week Ended September 5, 2008

Sep 08, 2008
Author: Administrator

EIA estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned $671 billion in net oil export revenues in 2007, a 10 percent increase from 2006. Saudi Arabia earned the largest share of these earnings, $194 billion, representing 29 percent of total OPEC revenues. Through July, OPEC had earned an estimated $642 billion in net oil export earnings in 2008. Based on projections from the EIA August 2008 Short Term Energy Outlook (STEO), OPEC net oil export revenues could be $1,172 billion in 2008 and $1,225 billion in 2009.

Source: EIA OPEC Revenues Fact Sheet

Projections for profit in the Middle East due to $100-plus oil are impressive, and to be sure, the oil producing countries are taking advantage of the surge in wealth to diversify investments. Amidst the west and the non-oil producing countries clamor for alternative sources of fuels, it is hardly a surprise to see some of the oil profits in the Middle East being planned for alternative energy investments. This week a poll conducted by Leaders Presents reported that 92% of regional business leaders in the UAE think that it should invest in research and development of renewable energies including solar and wind power.

Meanwhile, UN Secretary-General Ban Ki-moon, co-recipient of last year's Nobel Peace Prize said this week "Now with the expected change of the administration of the United States, of course, I would expect that the future president, whoever may be, will have to exercise greater leadership" with respect to the global climate change challenge, adding that countries throughout the world are "looking for more and greater leadership of the United States."

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