How far have OPEC's oil export revenues dropped?

By Staff | May 16, 2017

The U.S. Energy Information Administration has released new data that highlights the hurt the Organization of the Petroleum Exporting Countries have experienced due to oil prices at or below the $60/b range dating back to 2014. In 2016, OPEC made $433 billion in net export revenues, or, 15 percent less than the previous year when it made more than $500 billion. The 2016 oil revenue numbers are the lowest for OPEC since 2004.

Saudia Arabia made $133 billion of OPEC’s 2016 oil revenue total, or roughly one-third. For 2017, oil revenues are expected to rise back above $500 billion to roughly $539 billion the EIA said based on oil prices and OPEC production levels.

OPEC per captia net oil export revenues are also set to rise again with oil prices. This year, earnings should total $1,112, up from $912 in 2016. In 2006 to 2012, OPEC’s per capita oil export earnings were in the $2,500 to $2,800 range. The earnings dropped significantly from 2013 to the current levels.

For a look at how the International Monetary Fund viewed the impact of low oil prices on Middle Eastern countries circa 2015, click here.