Opec’s oil export revenue to plunge 34% lower in 2016
Low crude prices and production outages have caused the group’s earnings to plummet
Opec's oil export revenue will fall to just $341bn this year, according to estimates from the US Energy Information Administration (EIA). That's down from the $518.2bn the oil producer group reported in export earnings last year, which was a 46% drop from 2014 levels and the lowest in a decade. Opec said that in 2015 it posted a current account deficit of $99.6bn, compared with a surplus of $238.1bn in 2014. Last year was the first time the group had recorded a current account deficit since 1998, when the group was $19.46bn in the red. The EIA has estimated Opec's 2015 oil export revenue was much lower than the producer group has reported, at just $404bn. It's a 46% fall from the $753bn the
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
