OPEC net oil export revenues to decline in 2019, 2020
Baku, Azerbaijan, Aug. 21
By Leman Zeynalova – Trend:
OPEC net oil export revenues are expected to decline to about $604 billion (unadjusted for inflation) in 2019, based on forecasts of lower global oil prices and lower OPEC production levels in August 2019 Short-Term Energy Outlook (STEO) of the US Energy Information Administration (EIA), Trend reports.
On a per capita basis, OPEC net oil export earnings are expected to decline by 17 percent, from $1,416 in 2018 to $1,180 in 2019, reads the report.
EIA’s August 2019 STEO forecasts that OPEC crude oil production will average 30.1 million barrels per day (b/d) in 2019, 1.8 million barrels per day lower than in 2018.
For 2020, OPEC revenues are expected to be $580 billion, largely as a result of lower OPEC production, according to EIA.
For each OPEC country, EIA derives net oil exports based on its oil production and consumption estimates from the August 2019 edition of the STEO. For countries that export several different varieties of crude oil, EIA assumes that the proportion of total net oil exports represented by each variety is equal to the proportion of the total domestic production represented by that variety. For example, if Arab Medium represents 20% of total oil production in Saudi Arabia, the estimate assumes that Arab Medium also represents 20% of total net oil exports from Saudi Arabia.
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