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EIA OPEC revenues fact sheet

Hydrocarbon Engineering,

  • For 2014, members of OPEC, excluding Iran, earned approximately US$730 billion in net oil export revenues.
  • This is an 11% decline from US$824 billion earned in 2013.
  • This is the lowest earnings for the group since 2010.
  • The net export earnings do not include Iran’s revenues due to the difficulties associated with estimating the country’s earnings.
  • Saudi Arabia earned the largest share, at US$246 billion in 2014, approximately one third of total OPEC oil revenues.
  • For 2015, it is expected that OPEC net oil export revenues (excluding Iran) could fall to US$380 billion.
  • OPEC’s crude oil production and exports in 2015 are expected to be unchanged from 2014 levels.
  • Saudi Arabia has indicated its intention to maintain its export market share rather than cut production to keep prices higher.
  • On a per capita basis, OPEC (excluding Iran) net oil export earnings are expected to decline by half from US$2186 in 2014 to US$1114 in 2015.
  • OPEC net oil export revenues in 2015 are based on projections of global oil prices and OPEC production levels from the EIA’s March 2015 Short Term Energy Outlook.

Edited from report by Claira Lloyd

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