PUTTING DICTATORS ON A DIET:

Opec revenue to tumble (Tamsin Carlisle, December 21. 2008, The National)

Opec’s oil-export revenue is set to tumble more than 50 per cent next year to a five-year low due to the combined effect of sharply lower crude prices and production cuts.

In a new forecast released late last week, the US government projected the group’s net revenue from oil exports would slump to US$444 billion (Dh1.63 trillion) in 2009 after narrowly failing to break through the trillion dollar threshold this year. That would be the lowest level since 2004, when Opec revenue stood at $335bn.