U.S. sees OPEC 2010 oil export earnings at $750 billion
WASHINGTON (Reuters) - Stronger global oil demand and higher crude prices are expected to boost OPEC's oil export revenues about 30 percent in 2010 from this year, according to the U.S. government's top energy forecasting agency.
The U.S. Energy Information Administration raised its estimate for OPEC's 2010 oil export earnings to $750 billion, up sharply from a previous forecast of $503 billion and also more than the $576 billion expected for 2009.
That would still be much less than 2008's record of $966 billion in revenue for the producer group when oil was trading for a record $147 a barrel.
Oil was much lower earlier this year but has shot above $80 a barrel in recent weeks.
The EIA expects oil to stay high in 2010 when petroleum demand increases as the global economy continue to recover.
The agency this week raised its forecast for OPEC crude oil production next year to 29.44 million barrels per day from its prior estimate of 29.19 million bpd.
"Through the forecast period, OPEC surplus production capacity should remain in excess of 4 million bpd, versus an average of 2.8 million bpd seen over the 1998-2008 period," the EIA said in its monthly energy outlook.
(Reporting by Tom Doggett; Editing by David Gregorio)
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