• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 1 hour Let's shut down dissent like The Conversation in Australia
  • 2 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 3 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 53 mins Trump Accidentally Discusses Technology Used In The Border Wall
  • 15 hours Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 hours Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 10 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 8 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 12 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 7 hours Saudis Buying Oil From Iraq
  • 11 mins Hong Kong protesters appeal to Trump for support.
  • 24 hours China Faces Economic Collapse
  • 1 day Democrats and Gun Views
Alt Text

Bill Gates Says $11 Trillion Anti-Oil Push Isn’t Working

Climate activists screaming at investors…

Alt Text

How New Technology Is Revolutionizing Oil & Gas

After years of lagging behind…

Alt Text

Shale Stocks Surge On Major Jump In Oil Prices

US shale drillers saw their…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Devastating News For OPEC As Oil Revenues Hit A 10-Year Low

OPEC oil export revenues took a $438 billion hit last year, according to OPEC’s 2015 annual report released on Wednesday.

Despite the poor showing in OPEC revenues, which were the lowest since 2005—OPEC managed to increased production by 0.8 million barrels per day, largely due to Saudi Arabia and Iraq, in a successful play to boldly—and perhaps recklessly¬—defend its market share. The increase in OPEC oil production ironically added to the total revenue decline.

“In value, total OPEC exports declined by 29.1 per cent year-on-year (y-o-y),” according to one of the key messages of the report.

OPEC’s 2015 oil export earnings came in at $518 billion according to the report—a 46 percent drop—thanks to $50 oil. The result of the low-priced environment was an overall account deficit for the 13-member countries to the tune of some $99 billion in 2015, compared to a $238 billion surplus in 2014.

Before 2015, the most recent OPEC deficit was in 1998, when high inventories pushed oil prices to $10.

The question remains whether OPEC can stay the course during this low-priced oil environment through the remainder of 2016, because according to a report by the U.S. Energy Information Administration, oil export revenues are expected to fall 15 percent in 2016, before rising in 2017.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • CaptainAmerica on June 24 2016 said:
    Oh Nooooooo........Can we look at a FIRE SALE for multiple Arabian Owned GIGA-Yachts ?

    http://www.dailymail.co.uk/news/article-2304579/Azzam-The-400m-590ft-super-yacht-thats-going-Roman-Abramovichs-nose-joint.html

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play