According to the recently released OPEC Annual Statistical Bulletin
, OPEC member countries have further diversified their export portfolio. Petroleum product revenues now only make up around half of OPEC country exports.
While this certainly has to do with the countries exporting less oil in total, which in turn automatically increased the share of other exports, products other than oil have also been growing their export revenues in and of themselves. While other exports grew from only US$55 million in 2000 to more than US$560 million in 2018, oil exports (and prices) boomed after 2010 but then fell by more than 40 percent until 2018 because an overproducing OPEC met a softening demand in China and increased fracking activity in the U.S. Political turmoil in some member countries like Venezuela and Libya also reduced output.OPEC
member Republic of Congo went from depending on oil for export revenue almost entirely in 2000 to gaining only 45 percent of export revenue from petroleum in 2018, now exporting ships. Saudi Arabia and Iran diversified to some degree, adding polymers and other chemical industry products to their portfolio. The United Arab Emirates are currently at only 19 percent oil export revenue, relying on other raw materials like aluminum, gold and diamonds more heavily.