OPEC posts record revenues

VIENNA, July 10 (UPI) -- The annual revenue for the members of the Vienna-based Organization of Petroleum Exporting Countries passed $1 trillion in 2008, its highest posting yet.

The revenue total was partly due to soaring oil prices, which passed $147 per barrel in July 2008 before the global economic collapse pushed those prices below $40 in the latter part of the year.

The Annual Statistical Bulletin for OPEC indicated Saudi Arabia realized the most benefits from the 2008 price surge, taking $283 billion from oil exports, up from $206 billion the year before, London's daily newspaper The Times reports.

OPEC said export revenue in 2008 rose 35 percent to just over $1 trillion, which eclipsed the former record of $746 billion posted in 2007.

Meanwhile, OPEC member Venezuela contributed to a 7.9 percent increase in total reserves for the oil cartel by assessing its capacity at 172 billion barrels in 2008, up from 99 billion the prior year.

OPEC has faced a backlash regarding the price of crude oil. The cartel, however, said oil prices are at a level that encourages future investments in the energy sector.

OPEC Secretary-General Abdullah al-Badri said he is content with prices hovering at around $60 per barrel but is hoping for a stronger recovery.

"Prices at this time are comfortable, but they are not at the level we are shooting for," he said.