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OPEC (ex. Iran) net oil export revenue from 2005 to 2019 (in billion U.S. dollars)*

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OPEC's net oil export revenue 2005-2019 This statistic represents OPEC's net oil export revenue from 2005 to 2017, with projected figures for 2018 and 2019. OPEC's net oil export revenue was forecast to reach 686 billion U.S. dollars in 2019. 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 13 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 2016, OPEC produced 44 percent of the world’s total crude oil.

OPEC (with the exception of Iran) net oil export revenues have fluctuated over the last decade from a low of 433 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 7.5 million barrels of oil per day in 2016. In total, some 25 million barrels of oil was exported per day by OPEC regions in 2016.

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 2017 figures, the average price of OPEC crude oil has some 50.31 U.S. dollars per barrel an increase from previous decades. Low oil prices in 2015 and 2016 are 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.
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Description Source More information
This statistic represents OPEC's net oil export revenue from 2005 to 2017, with projected figures for 2018 and 2019. OPEC's net oil export revenue was forecast to reach 686 billion U.S. dollars in 2019. 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 13 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 2016, OPEC produced 44 percent of the world’s total crude oil.

OPEC (with the exception of Iran) net oil export revenues have fluctuated over the last decade from a low of 433 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 7.5 million barrels of oil per day in 2016. In total, some 25 million barrels of oil was exported per day by OPEC regions in 2016.

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 2017 figures, the average price of OPEC crude oil has some 50.31 U.S. dollars per barrel an increase from previous decades. Low oil prices in 2015 and 2016 are 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.
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Release date
August 2018
Region
United States
Survey time period
2005 to 2019
Supplementary notes
Based on real billion 2015 U.S. dollars.
The figures for 2016 and 2017 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.
Figures prior to 2016 were taken from previous reports.

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