Baku, Azerbaijan, April 1
By Aygun Badalova - Trend:
OPEC members, excluding Iran, earned about $730 billion in net oil export revenues in 2014, which represents an 11-percent decline from the $824 billion earned in 2013, according to the estimates of the US Energy Information Administration (EIA).
"This was the lowest earnings for the group since 2010," EIA said.
The decrease was largely because of the decline in average annual crude oil prices, and to a lesser extent from decreases in the amount of OPEC net oil exports.
Saudi Arabia earned the largest share of these earnings, $246 billion in 2014, representing approximately one-third of total OPEC oil revenues, according to the EIA's estimates.
For 2015, EIA projects that OPEC net oil export revenues (excluding Iran) could fall further to about $380 billion in 2015 as a result of the much lower annual crude oil prices expected in 2015.
EIA expects that OPEC's crude oil production and exports (as a whole) in 2015 will be unchanged from 2014 levels, following OPEC's decision on November 27 not to change its production targets from previous levels.
For 2016, OPEC revenues are projected to rebound to $515 billion with the expected rebound in crude oil prices.
EIA forecasts that Brent crude oil prices will average $59 per barrel in 2015. WTI prices in 2015 and 2016 are expected by the EIA to average $7 per barrel and $5 per barrel, respectively, below Brent.OPEC (excluding Iran) net oil export revenues (in bln USD)
Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter:@AygunBadalova
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