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Low oil prices cut OPEC net export revenues in half last year, according to a new report from the U.S. Energy Information Administration.

The report, published on Tuesday, found that OPEC earned about $404 billion in net oil export revenues in 2015, a 46 percent year-over-year decline.

The revenues, unadjusted for inflation, marked the lowest revenues earned by OPEC since 2010.

The revenue fall was primarily tied to low crude prices, although a decline in OPEC net oil exports also played a role.

Saudi Arabia earned $130 billion in net oil export revenues in 2015, down from $247 billion in 2014.

Iran earned $27 billion in net oil export revenues last year, down from $47 billion in 2014.

Indonesia was the only OPEC member to see its net oil export revenues rise last year.

Indonesia booked a $15 billion loss tied to its net oil exports in 2015 compared to a $29 million loss in 2014.

The EIA’s estimate also included earnings from Iran.

However, the country’s net export revenues were not adjusted for potential discounts offered before Western sanctions were lifted earlier this year.

The agency projects that OPEC net oil export revenues could decline to about $341 billion, unadjusted for inflation, in 2016.

Image courtesy of the U.S. Energy Information Administration.
Image courtesy of the U.S. Energy Information Administration.

On a per capita basis, OPEC net oil export earnings are expected to decline by about 17 percent on a per capita basis from $606 in 2015 to $503 in 2016, according to the report.

The projected net export earnings dip is tied to lower forecast crude prices in 2016 compared to 2015.

The EIA expects the price declines will “more than offset” rising OPEC production and exports this year.

The agency currently expects to OPEC production to average 32.4 million barrels per day in 2016, a 800,000 bpd year-over-year increase.

That estimate excludes production from newly-minted OPEC member Gabon, whose membership will be effective on July 1.

The EIA projects that OPEC revenues will climb to $427 billion in 2017 thanks to higher forecast crude prices as well as higher OPEC production and export levels.

OPEC said earlier this month that it expects improving global economic conditions to “result in a more balanced oil market toward the end of the year.”