EIA reveals forecasts on OPEC revenues
Baku, Azerbaijan, Aug.26
By Aygun Badalova - Trend:
The US Energy Information Administration (EIA) expects OPEC members’ net oil export revenue to fall to $341 billion in 2016 before rising to $427 billion in 2017.
“OPEC members' net oil export revenue has fallen as crude oil prices have declined. The monthly average Brent spot price dropped from $112 per barrel in June 2014 to $38 per barrel in December 2015,” EIA said in a report August 26.
OPEC members earned $404 billion in net oil export revenues in 2015, according to the EIA’s estimates. These earnings represent a 46 percent decline from $753 billion earned in 2014.
Petroleum exports by OPEC members accounted for between five percent (Indonesia) to 99 percent (Iraq) of total export revenues in 2015, the EIA said.
Generally, countries with sizeable financial assets, such as the Persian Gulf States (Saudi Arabia, Kuwait, Qatar, and the United Arab Emirates), are affected to a lesser degree than other oil-producing countries, such as Iraq, Nigeria, and Venezuela, that do not have large financial reserves, according to the report.
EIA also noted that although declining crude oil prices have been the main driver behind lower OPEC revenue since mid-2014, unplanned production outages among some OPEC members have also contributed to lower export earnings.
OPEC increased oil production by 46,400 barrels per day to 33.11 million bpd in July as compared to June, according to cartel’s latest report.
Crude oil output increased mostly from Iraq (by 74,800 bpd to 4.32 million bpd), while production in Nigeria showed the largest drop (by 41,300 bpd to 1.51 million bpd).
Saudi Arabia’s oil output increased by 30,100 bpd to almost 10.48 million barrels per day in July.