Monday, April 6, 2009

OPEC's "Who Gets What"

I've been browsing the OPEC (Organization of Petroleum Exporting Countries) website and came across a pamphlet they publish every year titled "Who Gets What from Imported Oil". This turns out to be a breakdown of which country gets what revenue from importing oil produced by OPEC countries.

Since "There are still many misconceptions surrounding crude oil prices and the prices of products made from oil, such as gasoline" the kindness and generosity of their hearts leads OPEC to give us this pamphlet to make it clear.

It's a short pamphlet and the key statement is this: France, Germany, Italy, Japan, the UK and the USA) made a total of $2,585 billion from oil taxation. This compares with the revenue of just $2,539 billion for the OPEC Members over the same period. In addition, while the $2,585 billion in oil taxation by the G7 is pure profit, this is not the case for the OPEC nations, who must meet the cost of finding, producing and transporting that oil from their $2,539 billion income.

who-gets-what.jpg

This shows the breakdown of the final cost going to the various countries (or companies) along the delivery channels. Their point being that a large portion goes to taxes in the destination country.

Those poor countries of OPEC, they only see a portion of the final cost. One must feel sorry for them.

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