Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest amount since 2004.
This represents, in real dollar terms, a 15 percent decline from the $509 billion earned in 2015.
The decline resulted mainly from the fall in average annual crude oil prices and, to a lesser degree, from reductions in OPEC net oil exports, according to the U.S. Energy Information Administration (EIA).
The EIA projects that slightly higher annual crude oil prices and OPEC output in 2017 will lead to an increase in OPEC net oil export revenues, which the EIA predicts will grow to $539 billion (nominal) during the year.
Iran was the only OPEC member country whose net oil revenues increased in 2016. Its share of total OPEC net oil export revenues, which was reduced significantly from 2012 to 2015 due mostly to the imposition nuclear-related sanctions, increased to eight percent.
Warring factions in Libya have recently frequently targeted oil sector installations. Civil war in the country has caused fluctuations in its share of total OPEC oil export revenues since 2010.
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