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OPEC Revenues Fact Sheet - EIA

Gasoil News - Published on Fri, 23 Aug 2019

Image Source: Wikipedia
OPEC net oil export revenues: The US Energy Information Administration estimates that members of the Organization of the Petroleum Exporting Countries earned about USD 711 billion in net oil export revenues in 2018. The 2018 net oil export revenues increased by 32% from the USD 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 Saudi Arabia accounted for the largest share of total OPEC earnings, USD 237 billion in 2018, representing one-third of total OPEC oil revenues.

EIA expects that OPEC net oil export revenues will decline to about USD 604 billion in 2019, based on forecasts of global oil prices and OPEC production levels in EIA’s August 2019 Short-Term Energy Outlook.

On a per capita basis, OPEC net oil export earnings are expected to decline by 17%, from USD 1,416 in 2018 to USD 1,180 in 2019.

EIA’s August 2019 STEO forecasts that OPEC crude oil production will average 30.1 million barrels per day in 2019, 1.8 million b/d lower than in 2018.

For 2020, OPEC revenues are expected to be $580 billion, largely as a result of lower OPEC production.

Methodology : 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.

EIA assumes that these exports are sold at prevailing spot prices. Projected revenues are estimated using EIA’s forecast for oil prices from the STEO. These forecasts incorporate historical price differentials between spot prices for the different OPEC crude oil types and the benchmark crude oil prices forecasted in the STEO.

OPEC net oil export revenues

Country2017201820192020Jan-Jul 20192017201820192020Jan-Jul 2019
AlgeriaUSD 24USD 30– –– –USD 16USD 24USD 30– –– –USD 15
AngolaUSD 30USD 37– –– –USD 19USD 31USD 37– –– –USD 18
Congo (Brazzaville)USD 5USD 8– –– –USD 5USD 5USD 8– –– –USD 5
EcuadorUSD 5USD 6– –– –USD 3USD 5USD 6– –– –USD 3
Equatorial GuineaUSD 4USD 5– –– –USD 2USD 4USD 5– –– –USD 2
GabonUSD 4USD 5– –– –USD 3USD 4USD 5– –– –USD 3
IranUSD 55USD 67– –– –USD 20USD 57USD 67– –– –USD 19
IraqUSD 66USD 91– –– –USD 52USD 67USD 91– –– –USD 51
KuwaitUSD 45USD 61– –– –USD 34USD 46USD 61– –– –USD 33
LibyaUSD 13USD 21– –– –USD 13USD 14USD 21– –– –USD 13
NigeriaUSD 32USD 42– –– –USD 23USD 33USD 42– –– –USD 22
Saudi ArabiaUSD 172USD 237– –– –USD 120USD 176USD 237– –– –USD 118
United Arab EmiratesUSD 56USD 74– –– –USD 42USD 57USD 74– –– –USD 41
VenezuelaUSD 28USD 27– –– –USD 9USD 29USD 27– –– –USD 8
OPECUSD 538USD 711USD 604USD 580USD 359USD 551USD 711USD 593USD 556USD 353
 


(In USD million)

OPEC per capita net oil export revenues

Country2017201820192020Jan-Jul 20192017201820192020Jan-Jul 2019
AlgeriaUSD 579USD 709– –– –USD 370USD 593USD 709– –– –USD 363
AngolaUSD 1,011USD 1,208– –– –USD 586USD 1,036USD 1,208– –– –USD 576
Congo (Brazzaville)USD 859USD 1,561– –– –USD 828USD 880USD 1,561– –– –USD 813
EcuadorUSD 280USD 348– –– –USD 198USD 287USD 348– –– –USD 194
Equatorial GuineaUSD 3,108USD 3,540– –– –USD 1,632USD 3,184USD 3,540– –– –USD 1,602
GabonUSD 1,753USD 2,223– –– –USD 1,212USD 1,796USD 2,223– –– –USD 1,190
IranUSD 685USD 820– –– –USD 240USD 701USD 820– –– –USD 235
IraqUSD 1,715USD 2,304– –– –USD 1,292USD 1,757USD 2,304– –– –USD 1,269
KuwaitUSD 10,965USD 14,683– –– –USD 8,003USD 11,232USD 14,683– –– –USD 7,858
LibyaUSD 2,096USD 3,214– –– –USD 1,949USD 2,147USD 3,214– –– –USD 1,914
NigeriaUSD 166USD 212– –– –USD 112USD 170USD 212– –– –USD 110
Saudi ArabiaUSD 5,248USD 7,098– –– –USD 3,529USD 5,376USD 7,098– –– –USD 3,465
United Arab EmiratesUSD 5,911USD 7,797– –– –USD 4,343USD 5,376USD 7,797– –– –USD 4,264
VenezuelaUSD 875USD 834– –– –USD 262USD 897USD 834– –– –USD 258
OPECUSD 1,094USD 1,416USD 1,180USD 1,109USD 702USD 1,121USD 1,416USD 1,158USD 1,065USD 689
 


(In USD million)

Source :

Posted By : Sanju Moirangthem on Fri, 23 Aug 2019
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