EIA: OPEC annual net oil export revenue falls 15% in 2016

EPA/LARRY W. SMITH/FILE PICTURE

Oil wells pump oil in an oil field near Ponca City, Oklahoma, US. For 2016, the US EIA estimates that OPEC members earned about $433 billion in net oil export revenues.

This revenue total was the lowest earnings for OPEC since 2004


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On May 15, the US Energy Information Administration (EIA) released its OPEC Revenues Fact Sheet that looks at the decline during 2016 in the Organization of Petroleum Exporting Countries’ oil export revenue, which is expected to increase this year and during 2018.

“For 2016, the US Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues (unadjusted for inflation),” the EIA said in an emailed press release.

“This represents a 15% decline from the $509 billion earned in 2015, mainly as a result of the fall in average annual crude oil prices during the year, and to a lesser extent to decreases in the level of OPEC net oil exports. This revenue total was the lowest earnings for OPEC since 2004,” the EIA added.

 

 

 

 

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