OPEC net oil revenues in 2016 were the lowest since 2004

U.S. Energy Information Administration ------ Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 billion earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports. EIA projects that OPEC net oil export revenues will rise to about $539 billion dollars (nominal) in 2017, based on the forecast of global oil prices and OPEC production levels in EIA's May 2017 Short-Term Energy Outlook (STEO). The expected increase in OPEC's net export earnings is attributed to slightly higher forecast annual crude oil prices in 2017 as well as slightly higher OPEC output during the year. For 2018, OPEC net oil export revenues are forecast to be $595 billion (nominal), with an increase in forecast crude oil prices and higher OPEC production and exports contributing to the rise in overall earnings. To learn more click on the picture below to read the article.