OPEC’s Revenue will Jump 30% to $736 billion in 2018
According to EIA’s forecast, OPEC’s revenue will reach $736 billion this year.
The U.S. Energy Information Administration (EIA) expects that the Organization of the Petroleum Exporting Countries (OPEC) will rise to about $736 billion in 2018, almost one-third from the total revenue at $567 billion in 2017. The rise in revenue is based on forecasts of global oil prices and OPEC production levels, despite the U.S. sanction in Iran and Venezuela.
On a per capita basis, OPEC net oil export earnings are expected to increase by 27%, from $1,147 in 2017 to $1,459 in 2018. While the forecast averages crude oil production at 32.3 million barrels per day, 0.3 million lower than 2017 production.
Saudi Arabia accounted for the largest share of total OPEC earnings, $167 billion in 2017, representing nearly one-third of total OPEC oil revenues.
For 2019, OPEC revenues are expected to be $719 billion, as a result of lower forecast crude oil prices. Slightly lower OPEC production and exports also contribute to the decline in expected earnings. Still, the revenues are well below the (nominal) record of $1.23 trillion set in 2012.
