Ahead of OPEC’s May 25 meeting, the U.S. Energy Information Administration (EIA) noted the hole that the oil price downturn has opened in member nations’ pockets.
In 2016, OPEC revenues were $433 billion—the lowest since 2004 in adjusted dollars.
“In real dollar terms, the 2016 revenue represents a 15% decline from the $509 billion earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports,” EIA said.
The agency projects OPEC’s net oil export revenues will rise to about $539 billion dollars in 2017, based on the forecast of global oil prices and OPEC production levels.
Oil prices are forecast to rise slightly in 2017 and OPEC is expected to have increased output.
Darren Barbee can be reached at dbarbee@hartenergy.com.
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