OPEC countries generated 29 pct higher revenues from oil exports in 2017

The Organization of the Petroleum Exporting Countries (OPEC) member countries generated $567 billion in net oil export revenues in 2017, up 29 percent from 2016, according to the U.S. Energy Information Administration.

An increase in crude oil prices, along with a jump in net OPEC oil exports propelled revenues higher last year. EIA believes that revenues will continue to climb this year. Specifically, EIA projects that revenues from oil exports will rise to $736 billion in 2018, a 30 percent increase over 2017. The increase in revenue is primarily due to a forecast of higher crude prices.

However, EIA forecasts that OPEC revenues will decline to $719 billion in 2019, driven by lower crude oil prices and projections for decreased OPEC production and exports.

In 2017, Saudi Arabia had the highest share of revenues among OPEC members with 30 percent of oil export revenues. That percentage has been relatively consistent over the years, ranging between 28 percent and 34 percent since 1996. Iran’s share of revenues increased to 10 percent in 2017, marking its highest share since 1999.

Also, Iraq’s share of total OPEC revenues jumped to about 12 percent last year, while Venezuela remained about the same at 5 percent and Libya increased slightly to approximately 3 percent.