(EnergyAsia, June 29 2017, Thursday) — With the 2016 Brent crude price at a recent new low of US$43.74 a barrel, OPEC’s net oil export revenues plunged to a 13-year low of US$433.4 billion, said the US Energy Information Administration (EIA).


The agency’s latest calculations reflect the dire state of the economic outlook for the Organisation of Petroleum Exporting Countries’ 13 members.

Net export revenues have been falling since peaking at a record of US$1,182 billion for 2012 when Brent traded at US$111.63 per barrel. The cartel’s lost revenue of nearly US$750 billion over those four years is equal to one percent of the world’s GDP.

Despite the EIA’s forecast for an oil price recovery this year, prospects are looking grim amid the continuing flow of new supplies from out of North America, Russia, Iraq and Central Asia.

 

OPEC’s net export revenues, in US$ billion. Source: EIA

2012                        2013                        2014                        2015                        2016

OPEC MidEast

Saudi Arabia        368.9                       344.6                       301.1                       159.3                       133.0

UAE                           112.2                       107.6                       98.0                          56.4                          46.8

Iraq                           91.2                          88.4                          87.6                          57.9                          53.5

Kuwait                    97.5                          93.3                          80.5                          44.3                          37.5

Qatar                        69.4                          66.9                          58.8                          30.4                          24.0

Iran                           68.3                          48.8                          50.7                          29.4                          36.2

Sub-total               807.5                       749.6                       676.7                       377.7                       331.0

 

OPEC Others

Algeria                     63.9                          56.0                          48.2                          25.9                          19.2

Angola                     71.7                          68.7                          58.8                          33.0                          26.1

Ecuador                  10.0                          9.4                             8.8                             5.1                             4.3

Gabon                       9.0                           8.2                             7.3                             3.7                             3.0

Libya                        52.5                          29.8                          8.2                             3.2                             2.3

Nigeria                    96.9                          86.9                          77.9                          37.1                          25.6

Venezuela              70.8                          69.0                          60.5                          29.6                          21.8

Sub-total               374.8                       328.0                       269.7                       137.6                       102.3


OPEC TOTAL         1,182.4                                    1,077.5                                    946.5                       515.4                       433.4

 

The cartel’s six Middle Eastern members are estimated to have earned a total of US$331 billion last year, down from US$807.5 billion in 2012.

Saudi Arabia remains OPEC’s top earner despite seeing its export revenues collapse to nearly a third from US$369 billion to US$133 billion over the last four years. Iraq is a distant second with 2016 export earnings of US$53.5 billion while Qatar, known more for its natural gas than oil, had the smallest revenue of US$24 billion.