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Opec’s 2015 net oil export revenues fall 46%
The US Energy Information Administration (EIA) estimates that members of Opec earned about $404bn in net oil export revenues (unadjusted for inflation) in 2015. This represents a 46% decline from the $753bn earned in 2014, mainly as a result of a precipitous fall in average annual crude oil prices during the year, and to a lesser extent, to decreases in the level of Opec net oil exports. This revenue total was the lowest earnings for Opec since 2004. EIA projects that Opec net oil export revenues could fall further to about $341bn dollars (unadjusted for inflation) in 2016.
News Item details
Journal title: Petroleum Review
Subjects: Banking, finance and investment, Oil markets, Energy consumption, Oil, Oil prices
