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Opec net oil export revenues on the increase
Opec members received about $567bn in net oil export revenues in 2017, up 29% from revenues in 2016, driven by increases in both crude oil prices and in net Opec oil exports, according to the US Energy Information Administration (EIA) in its August Short-term energy outlook.
The EIA forecasts that Opec net oil export revenues will continue to rise, increasing to $736bn in 2018, up 30% from 2017, more than offsetting slightly lower crude oil production from Opec members in the year. However, Opec revenues are expected to decline to $719bn in 2019, driven mainly by lower crude oil prices, as well as slightly lower Opec production and exports.
News Item details
Journal title: Petroleum Review
Keywords: Energy
Organisation: OPEC
Subjects: Oil markets, Exploration and production, Oil prices, Forecasting
