OPEC suffers decline in export revenues: EIA
Net oil export revenues of OPEC countries fell 15 percent last year, according to the Energy Information Administration (EIA, APA reports quoting Anadolu agency.
OPEC countries are estimated to have $433 billion in net export revenues in 2016, from a revised $509 billion in 2015, the EIA said in a report released late Monday.
The decline in export revenues is "mainly a result of the fall in average annual crude oil prices during the year," the EIA said.
The average price of American benchmark West Texas Intermediate (WTI) fell to $43 in 2016, from $49 per barrel in 2015. For International benchmark Brent crude, prices fell to $44 in 2016 after rising to $52 the previous year, according to the EIA.
The countries with highest oil export revenues in OPEC in 2016 included Saudi Arabia at $133 billion, Iraq with $54 billion and the United Arab Emirates had $47 billion.
Oil export revenues in those countries declined 15 percent, 5 percent, and 16 percent, respectively.
Among the 13-member cartel, only Iran saw its revenue from exports increase, as sanctions on the country were removed and Tehran resumed exporting crude and oil products. Revenue increased 24 percent from $29 billion in 2015 to $36 billion in 2016.
The EIA said it expects OPEC's total oil export revenues to increase in 2017 and 2018 because of gains in crude oil prices.
The administration estimates the cartel's export revenues to total $539 billion this year and $595 billion next year.
It also forecasts WTI to average $51 and $55 in 2017 and 2018, and international benchmark Brent crude to average $53 and $57 during the same time.
Related news releases
- 27.05.2017Over 90 people dead, 110 missing as heavy floods hit Sri Lanka
- 27.05.201720 Houthi rebels killed in southern Yemen
- 26.05.2017Roadside bomb claims 10 civilians in Afghanistan
- 26.05.2017Philippine president urges IS-linked rebels to halt siege, start talks
- 26.05.2017OPEC cuts extension encourages oil bulls amid Asian supply-side concerns
- 26.05.2017China to build global navigation satellite system by 2020
- 25.05.2017Manila deploys commandoes, helicopters to retake city from rebels
- 25.05.2017105 civilians killed in US airstrike in Mosul
- 25.05.2017Nepalese PM resigns ahead of final round of local polls
- 24.05.2017Suspected suicide bombers kill 3 police officers, wound 10 in Jakarta - UPDATED
- 24.05.2017Syrian army says Islamic State's 'minister of war' killed
- 24.05.20172 soldiers injured in PKK attack in SE Turkey
- 24.05.201722 killed as bus with pilgrims falls into Bhagirathi river in Uttarkashi
- 24.05.2017Philippine president cuts short Russia trip
- 24.05.2017China envoy to UN calls for dialogue with N. Korea without presenting conditions
- 23.05.201732 kindergarten children injured in south China traffic accident
- 23.05.2017US forces killed seven al-Qaeda militants during raid in Yemen
- 23.05.2017Trump says concerns about Iran driving Israel, Arab states closer
- 23.05.2017North Korea says missile ready for mass production, U.S. questions progress
- 23.05.2017South Korea says Pyongyang’s new missile not capable of reaching US territory
- 23.05.2017Coalition raid kills Daesh militants in Iraq’s W. Mosul
- 23.05.2017Cholera death toll in Yemen rises to 350
- 22.05.2017Turkish military kills 4 PKK terrorists in N. Iraq
- 22.05.2017Rouhani says regional stability impossible without Iran
- 22.05.2017Trump: 'Iran will never have a nuclear weapon'
- 22.05.2017Cholera outbreak claims 315 lives in Yemen
- 22.05.2017Tehran slams Trump’s speech in Saudi Arabia
- 21.05.20174 suspected Baloch separatists killed in SW Pakistan
- 20.05.2017Indian court acquits Muslim scholar in train blast case
- 20.05.2017US, Saudi Arabia sign $110B arms deal amid Trump visit
- 20.05.2017Hassan Rouhani says Iran wants interaction with the world
- 20.05.20176 dead as armed militants storm bank in Afghanistan
- 20.05.2017Iranian Interior Ministry: Hassan Rouhani wins presidential elections
- 20.05.2017Trump arrives in Saudi Arabia in first foreign trip
- 20.05.2017Hassan Rouhani re-elected as Iranian president
- 20.05.2017Magnitude 5.9 quake strikes off Philippines
- 20.05.2017At least 13 killed in Iraq car bombings
- 20.05.2017Rouhani leads Iran presidential race, expected to win: source
- 20.05.2017North Korea's UN envoy slams 'hostile' US policy
- 20.05.20173 Iraqi soldiers killed in southern Basra city
- 17.05.2017Pyongyang developing missiles faster than Seoul expected
- 17.05.2017Workers trapped after methane gas explosion in Turkey
- 17.05.2017Pakistan protests with UN team over Indian shelling
- 16.05.2017Death toll from China truck-bus crash rises to 12
- 15.05.2017North Korea vows missile tests 'any time, any place', defying U.S. warnings
- 15.05.2017Iraq’s al-Sadr urges Tehran, Riyadh to engage in talks