BP is not the only one making obscene amounts of money from oil at the moment. The US Department of Energy has forecast that OPEC’s revenues will increase by 10 per cent to a record $522bn this year – this would be the largest in real terms in 25 years.
Saudi Arabia alone is expected to earn $162 billion this year. If anyone is under the illusion there is no link between oil and military spending then think again. Countries like Saudi Arabia are said to be much less cautious with their spending as they are making so much money: “This is reflected in the fact that some Opec countries are undertaking ambitious projects, like weapons purchases by Saudi Arabia,” Manouchehr Takin, a senior analyst at the Centre for Global Energy Studies told the Financial Times. “These kinds of projects would be impossible with lower revenues.”