Around $433 billion as net oil export revenue has been earned by the members of the Organization of the Petroleum Exporting Countries (OPEC) in the year of 2016. The revenue is the lowest since 2004. In 2015, oil revenue was 15% higher than 2016 revenue.
According to EIA projection, in 2017 OPEC net oil revenue is all set to rise again. However, it is also predicted that slight increase in revenue will actually be noted. For 2018, nominal growth in revenue has also been forecasted.
It has been found that Saudi Arabia has consistently earned higher revenues than other OPEC members. The share of revenue of the country over the overall OPEC revenue is around 29 to 34 percent. Revenue of Iran has been fluctuating due to nuclear related sanctions. However, Iran is the only country which has derived increase in export in the year of 2016. Revenue of Iran has increased by 8%.
Shares of Libya have also been noted to be fluctuating since 2010, after civil war and fall of Gaddafi regime. On the other hand, Iraq has show substantial increase or growth in oil output since 2010. This OPEC member has always steady revenue to display, except some glitches in 1990s.
Updated 24 May 2017 | Soruce: Penn Energy | By S.Seal