OPEC net oil export revenues up by 32% in 2018

Baku, Azerbaijan, Aug. 21

By Leman Zeynalova – Trend:

The US Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $711 billion in net oil export revenues (unadjusted for inflation) in 2018, Trend reports.

The 2018 net oil export revenues increased by 32 percent from the $538 billion earned in 2017, mainly as a result of the increase in average annual crude oil prices during the year and a slight increase in OPEC net oil exports, according to the report.

EIA said that Saudi Arabia accounted for the largest share of total OPEC earnings, $237 billion in 2018, representing one-third of total OPEC oil revenues.

OPEC net oil revenues in January-July 2019 stood at $353 billion, where the lion’s share of $120 billion accounted for Saudi Arabia, reads the report.

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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Follow the author on Twitter: @Lyaman_Zeyn

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