OPEC net oil export revenue streams by country 2018

Saudi Arabia was the largest generator of net oil export revenue for the Organization of the Petroleum Exporting Countries (OPEC), totaling 237 billion U.S. dollars in 2018, compared to Iraq’s 91 billion U.S. dollars. Saudi Arabia is also the largest OPEC crude oil exporter, with about 7.37 million barrels of oil per day, compared to the 24.9 million barrels exported per day by all OPEC members. In total, the OPEC generated about 686 billion U.S. dollars in recent years.

What is the OPEC

The OPEC was founded in 1960 in Baghdad with just five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). In 2019, Qatar announced its withdrawal from the OPEC. Currently, there are 14 member countries, controlling about 82 percent of the world’s global crude oil reserves. OPEC’s market decisions have a significant influence on the global oil market as well as international relations, especially in times of civil unrest that can disrupt fuel supplies. The mission of the organization is to coordinate petroleum policies of its members and to ensure the stabilization of oil markets. The OPEC also provides information about the global oil market. The rise of natural gas, increasing energy independence in some regions, and efforts to fight climate change may signal uncertainties in the OPEC’s future.

OPEC net oil export revenue streams in 2018, by member country

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Source

Release date

August 2019

Region

United States

Survey time period

2018

Supplementary notes

All values in billions of nominal U.S. dollars.
According to the source, estimates of oil production and consumption are used to derive net oil exports for each country. The source assumes that these exports are sold at prevailing spot prices. For countries that export several different crude varieties, EIA assumes that the proportion of total net oil exports represented by each variety is equal to the proportion of the total domestic production represented by that variety.

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