66
39
th
Annual Report
VALUEOFOAPECMEMBERCOUNTRIESPETROLEUM
II.
EXPORTS
The rise of oil price in 2012 was reflected on the value of oil
exports, which is considered the main engine for socioeconomic
development in the Arab oil producing countries, the mainstay of
their central bank reserves of foreign exchange, and the main source
of their budget surpluses.
Monthly data on the movement of oil prices and the estimated
monthly value of OAPEC members’ oil exports may give a clear
picture of the positive effects of the increase in prices during the
year, as shown in
Figure (1-13)
.
Figure 1-13
Monthly Oil Prices and Value of OAPEC Oil Exports,
January-December 2012
($/b)
ﺍﻟﺷﻛﻝ
13
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
0
10
20
30
40
50
60
70
80
90
100
110
120
130
Jan.
2012
Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Value of OAPEC Oil Exports
Average OPEC Basket Price
