Members of the Organisation of the Petroleum Exporting Countries (Opec) earned more in 2007 than 2006, it is thought.

The Energy Information Administration (EIA) has estimated that member countries earned $671 billion (£378 billion) in net oil export revenues in 2007, a ten percent increase from the previous year.

Of the member countries, Saudi Arabia earned the most with $194 billion, representing 29 per cent of total Opec revenues.

The cartel earned an estimated $740 billion in net oil export earnings in 2008 through August and it is thought that earnings will continue to grow.

Based on the EIA September 2008 Short Term Energy Outlook, net oil export revenues could potentially reach $1,116 billion in 2008 and then $1,226 billion in 2009.

In related news, Opec yesterday announced that it was to cut output by around 500,000 barrels per day.

Saudi Arabia has decided to ignore Opec's decision and announced it would continue its oil production operations.

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