Petroleum Africa
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Monday, August 29, 2016
According to a recent report from the EIA, OPEC members saw a significant decline in oil export revenues over 2015. The EIA estimates that OPEC members earned about $404 billion in net oil export revenues, a drop of $349 billion, or 46% less than earnings in 2014.
This is the lowest earnings for OPEC since 2004.
The decline in oil export revenues is mainly a result of a precipitous fall in average annual crude oil prices during over the year, and to a lesser extent because of decreases in the level of OPEC net oil exports. These net export earnings include Iran, unlike in previous reports.
EIA predictions for 2016 are not very rosy for the cartel either; the EIA said it projects that OPEC net oil export revenues could fall further to about $341 billion dollars for 2016, based on projections of global oil prices and OPEC production levels in EIA’s June 2016 Short-Term Energy Outlook (STEO).
For 2017, OPEC revenues are projected to be $427 billion, with an increase in forecast crude oil prices, coupled with higher OPEC production and exports, contributing to the rise in overall earnings.
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