OPEC net oil export revenues The U.S. Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $567 billion in net oil export revenues (unadjusted for inflation) in 2017. The 2017 net oil export revenues increased by 29% from the $441 billion earned in 2016, mainly as a result of the increase in average annual crude oil prices during the year and the increase in OPEC net oil exports. Saudi Arabia accounted for the largest share of total OPEC earnings, $167 billion in 2017, representing nearly one-third of total OPEC oil revenues. EIA expects that OPEC net oil export revenues will rise to about $736 billion (unadjusted for inflation) in 2018, based on forecasts of global oil prices and OPEC production levels in EIA’s August 2018 Short-Term Energy Outlook (STEO). On a per capita basis, OPEC net oil export earnings are […]