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OPEC's net oil export revenue 2005-2020

This statistic represents OPEC's net oil export revenue from 2005 to 2018, with projected figures for 2019 and 2020. OPEC's net oil export revenue was forecast to reach 556 billion U.S. dollars in 2020. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries.

OPEC oil production

OPEC stands for the Organization of Petroleum Exporting Countries and includes countries located in Africa, South America, the Middle East, and Southeast Asia. Currently, the organization has 14 member countries. The formation of OPEC marked a shift away from large multinational company market control to a primarily state-based control of natural resources. The supply restrictions that began in 1970 enabled a significant increase in oil prices and thus, OPEC’s revenues. As of 2018, OPEC produced 42 percent of the world’s total crude oil.

OPEC's (with the exception of Iran) net oil export revenues have fluctuated over the last decade from a low of 450 billion U.S. dollars in 2016 to a high of 917 billion U.S. dollars in 2012. Among OPEC countries, Saudi Arabia is one of the largest crude oil exporters. The country exported about 7.4 million barrels of oil per day in 2018. In total, some 24.7 million barrels of oil was exported per day by OPEC regions in 2018.

OPEC crude oil production can strongly impact global oil prices, especially during periods of war or upheaval. Prices of oil are largely affected by basic supply and demand. As of preliminary 2019 figures, the average price of OPEC crude oil was 65 U.S. dollars per barrel. Low oil prices in 2015 and 2016 were due to a wide range of factors including, but not limited to, lower U.S. production, rising Canadian and Iraqi production, and more energy-efficient vehicles.

OPEC (ex. Iran) net oil export revenue from 2005 to 2020 (in billion U.S. dollars)*

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Release date

August 2019


United States

Survey time period

2005 to 2019

Supplementary notes

Based on real billion 2018 U.S. dollars.
The figures for 2019 and 2020 are projections.
Available OPEC net oil export revenues do not include Iran's revenues, due to the difficulties associated with estimating Iran's earnings, including its inability to receive payments and possible price discounts Iran offers its existing customers.

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