OPEC net oil export revenue in 2015 drops to lowest level since 2004 (8/17/2016)

Members of the Organization of the Petroleum Exporting Countries (OPEC) earned $404 billion in net oil export revenue in 2015, according to recently published U.S. Energy Information Administration (EIA) estimates (Figure 1). This represents a 46% decline from the estimated $753 billion earned in 2014 and a 56% drop from the estimated $921 billion revenue received in 2012. While these net export earnings include Iran's revenues, they are not adjusted for possible price discounts that Iran may have offered its customers between late 2011 and January 2016, when nuclear-related sanctions targeting Iran's oil sales were in place. ... More »