The Wall Street Journal Benoit FAUCON
Revenue from petroleum exports in the Organization of the Petroleum Exporting Countries broke a new record in 2012 but the earnings of some members are declining amid higher budgetary needs, underscoring a deepening rift between producers benefiting from higher oil prices and those who don't.
Mounting inequalities within OPEC come ahead of an expected debate later this year over whether it should formally cut its production for the first time in five years.
In its annual statistical report, OPEC said its oil exports revenue, which include crude, natural-gas liquids and products, rose by 9.2% to $1.261 trillion in 2012, compared to a previous record of $1.155 trillion the previous year.
Gulf Arab monarchies took advantage of higher oil prices and of a gap left by Iranian sales hit by sanctions. While Saudi oil revenue rose by 6%, Iran's earnings from the commodity fell by 12%.
But others have also been hurt by new competition from booming U.S. oil shale. Algeria's oil-export revenue fell by 6% as the price of its flagship Saharan Blend crude fell by 1.3% in 2012 amid weakening U.S. demand. The drop in revenue also stemmed from lower sales of its profitable products amid refining problems.
