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
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
