According to the United States Energy Information Administration (EIA), members of the Organization of the Petroleum Exporting Countries (OPEC) benefited from a 29% increase of their net oil revenues in 2017 to US$567bn compared with 2016, thanks to both the increase in crude oil prices and in net oil exports. The EIA predicts that these revenues are likely to continue to ramp up in 2018 to US$736bn (+30%), following the annual crude oil prices trends. However, they could decline starting from 2019, by 2.4% to US$719bn, driven mainly by lower prices and by slightly lower OPEC production and exports to a lesser extent.
Saudi Arabia's share in the total OPEC net oil export revenues reached 30% in 2017, which is in line with the results from previous years (ranging between 28% and 34%) while Iran's share went up to 10% in 2017, its highest level since 1999. Iraq's share reached 12% in 2017 in spite of the shut-in of northern Iraqi fields' production.
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