According to the US Energy Information Administration (EIA), the net oil export revenues of the Organization of the Petroleum Exporting Countries (OPEC) members fell by 15% in 2016, reaching around US$433bn, their lowest level since 2004. This drop was mainly due to the fall in average annual crude oil prices and due to decreases in OPEC net oil exports to a lesser extent.
Saudi Arabia's net oil export revenues fell by 15% in 2016 to US$133bn, but still accounted for more than 30% of total export revenues in OPEC countries; the share of the country has ranged between 29% and 34% since 1996. Iran was the only OPEC member country whose net oil revenues increased in 2016 (+24% to US$36bn), when its share of total OPEC net oil export revenues increased to 8%. Iraq's revenues slightly decreased (-5.3% to US$54bn) and its share in total net oil export revenues reached 12.5% in 2016.
Based on the forecast of global oil prices and OPEC production levels in its May 2017 Short-Term Energy Outlook (STEO), the US EIA estimates that OPEC net oil export revenues will rise to about US$539b (nominal) in 2017 (+24%), thanks to higher annual crude oil prices and a slightly higher oil production. The growth in production and the recovery of crude oil prices are expected to raise again net export revenues in 2018 to US$595bn (+10%).
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