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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.
