Oil revenues of OPEC countries were nearly as much in the first half of 2008 as in the entire year of 2007. Oil revenue for January through June 2008 totaled $645bn and this year's total transfer from oil importers to exporters is forecast to be $1.5 trillion. Despite the recent drop in oil prices, revenues are expected to remain high given greater demand at lower prices. Oil prices continue to fall and have reached $115 per barrel.

Snapshot asks, has the recent price adjustment in crude taken oil exporters to a medium term "sweet spot" of high demand, high prices, and soaring revenues?

Financial Times - OPEC income hits record as oil prices soar
Daniel Yergin - Testimony before US Congress Joint Economic Committee
Financial Times - Price unlikely to spike soon, says Greenspan