16 May 2017•Update: 16 May 2017
By Ovunc Kutlu
NEW YORK
Net oil export revenues of OPEC countries fell 15 percent last year, according to the Energy Information Administration (EIA).
OPEC countries are estimated to have $433 billion in net export revenues in 2016, from a revised $509 billion in 2015, the EIA said in a report released late Monday.
The decline in export revenues is "mainly a result of the fall in average annual crude oil prices during the year," the EIA said.
The average price of American benchmark West Texas Intermediate (WTI) fell to $43 in 2016, from $49 per barrel in 2015. For International benchmark Brent crude, prices fell to $44 in 2016 after rising to $52 the previous year, according to the EIA.
The countries with highest oil export revenues in OPEC in 2016 included Saudi Arabia at $133 billion, Iraq with $54 billion and the United Arab Emirates had $47 billion.
Oil export revenues in those countries declined 15 percent, 5 percent, and 16 percent, respectively.
Among the 13-member cartel, only Iran saw its revenue from exports increase, as sanctions on the country were removed and Tehran resumed exporting crude and oil products. Revenue increased 24 percent from $29 billion in 2015 to $36 billion in 2016.
The EIA said it expects OPEC's total oil export revenues to increase in 2017 and 2018 because of gains in crude oil prices.
The administration estimates the cartel's export revenues to total $539 billion this year and $595 billion next year.
It also forecasts WTI to average $51 and $55 in 2017 and 2018, and international benchmark Brent crude to average $53 and $57 during the same time.
