EIA OPEC revenues fact sheet

• For 2014, members of OPEC, excluding Iran, earned approximately US$730 billion in net oil export revenues.
• This is an 11% decline from US$824 billion earned in 2013.
• This is the lowest earnings for the group since 2010.
• The net export earnings do not include Iran’s revenues due to the difficulties associated with estimating the country’s earnings.
• Saudi Arabia earned the largest share, at US$246 billion in 2014, approximately one third of total OPEC oil revenues.
• For 2015, it is expected that OPEC net oil export revenues (excluding Iran) could fall to US$380 billion.
• OPEC’s crude oil production and exports in 2015 are expected to be unchanged from 2014 levels.
• Saudi Arabia has indicated its intention to maintain its export market share rather than cut production to keep prices higher.
• On a per capita basis, OPEC (excluding Iran) net oil export earnings are expected to decline by half from US$2186 in 2014 to US$1114 in 2015.
• OPEC net oil export revenues in 2015 are based on projections of global oil prices and OPEC production levels from the EIA’s March 2015 Short Term Energy Outlook.

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