OPEC to See $1 Trillion Net Oil Revenue for 2012 -FT

The Organization of the Petroleum Exporting Countries or OPEC will reap more than US$1 trillion in net oil revenue for 2012. 

That is according to a Financial Times report. 

The report said Brent oil prices would average about US$111.50 for the year, higher than the previous record of $110.90 set in 2011. 

Meanwhile, crude was down in Asia trading today. 

New York's light sweet crude for delivery in February, shed 16 cents to $90.67 a barrel and Brent crude for February slipped 22 cents to $110.40.