(EnergyAsia, July 26 2013, Friday) — The export revenues of the Organisation of the Petroleum Exporting Countries (OPEC), excluding Iran, will decline this and next year after reaching a high of US$982 billion in 2012, said the US Energy Information Administration (EIA).
The 12-member cartel less Iran earned about US$982 billion in net oil export revenues in 2012 for a 5% increase from 2011, said the EIA. This was OPEC’s largest revenue since the EIA began tracking its oil revenues in 1975.
For 2013, the EIA expects the combined revenues of the 11 members to decline to US$940 billion and to US$903 billion in 2014 on account of weakening demand for their crude exports.
The EIA said it excluded Iran from its latest calculations “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.”
Hit with additional trade and financial sanctions by the US and the European Union, Iran has resorted to barter and non-traditional measures to sell its oil and collect revenues.
In its previous report issued last December, the agency said OPEC’s revenues, which included Iran, reached US$1.027 trillion in 2011 and was estimated to rise further to US$1.052 trillion last year. Iran earned US$95 billion in 2011 and US$64 billion in the first 11 months of 2012.
In its latest report, the EIA said Saudi Arabia earned US$311 billion to account for about 32% of the earnings of the 11 members.
OPEC’s members include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.