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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...

<p>Middle East oil producers will shelve projects to boost output if crude prices drop below $80 a barrel, a senior official from the Organization of Arab Petroleum Exporting Countries, or Oapec, told Dow Jones Newswires.</p> <p>Abbas Naki, the Secretary General of Oapec[Sic], said that if oil prices fall further "we will see investments and developments in the oil sector in these countries decrease drastically."</p>

Excerpt - Unknown gunmen assassinated the head of the Baghdad-based Arab Oil Institute, Izzidin al-Rawi, an Iraqi Sunni, an official with the institute told Dow Jones Newswires Wednesday. The official said that Rawi was abducted by unknown gunmen Sunday morning while he was driving on his way from home to his office in the northern outskirts of Baghdad. "His body was found in Baghdad mortuary Tuesday," he added. Al-Rawi is head of the Arab Oil Institute, which was set up in Baghdad by the Organization of Arab Petroleum Exporting Countries, or OAPEC, in 1978. (MORE TO FOLLOW)

Arab states have enjoyed a sharp increase in their oil income over the past three years and are expected to bask under another financial windfall this year. In nominal terms, 'enjoy' and 'windfall' are the right words but in real money, they are highly exaggerated. The surge in Arab income caused by strong crude prices during that period is only nominal as real revenues are less than half their level in current prices. "With the sharp growth in their population and development needs over the past 30 years, you can say Arab states are not in an envious situation," said...