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OPEC net export revenues have plummeted to their lowest level in 12 years, according to a new report by the U.S. Energy Information Administration.

The report, published on Friday, found that OPEC members earned about $404 billion in net oil export revenues last year.

That figure represents a 46 percent year-over-year decline and was the group’s lowest earnings level since 2004, the EIA said.

Those earnings included revenues from Iran, although net export revenue was not adjusted for possible price discounts that Iran may have offered when Western sanctions were still in place.

In inflation-adjusted terms, OPEC net oil export revenue totaled $606 per person in 2015, an 83 percent decline from $3,500 per person in 1980, the EIA said.

 

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

Current EIA price forecasts call for OPEC revenue to slide down to $341 billion in 2016 before climbing back up to $427 billion in 2017.

“OPEC members’ 2015 net oil export revenue was at the lowest level since 2004, with significant implications for the fiscal condition of member countries that rely heavily on oil sales to fund social programs and to import other goods and services,” the EIA said.

The agency added that countries with sizable financial assets, such as OPEC’s Persian Gulf members, will be better equipped to cope with the earnings decline than other oil-producing countries such as Iraq and Venezuela.

Unplanned outages in several OPEC countries have also caused export volumes and revenues to drop this year.

Oil and gas producers in Nigeria have faced a wave of militant assaults against infastrcture in the Niger Delta.

Venezuela’s crude production has fallen sharply since the end of last year as several services firms stopped work after state-owned PDVSA failed to make payments.

Oil producers in Libya have also struggled to keep crude production and export levels steady as a years-long battle between two rival governments for control of the country drags on.

OPEC members are set to meet on the sidelines of the International Energy Forum to discuss a potential production agreement.

The forum will take place in Algeria from September 26 to September 28.

OPEC members have twice failed this year to reach a production freeze agreement after Saudi Arabia declined to sign on if Iran would not participate.

OPEC’s next scheduled meeting will be held on November 30 in Vienna.