OPEC revenues fall to lowest level in a decade

The desert oil field of Sakhir, Bahrain. (AP Photo/Hasan Jamali, File)

Revenues at the Organization of the Petroleum Exporting Countries fell to $433 billion in 2016, their lowest level since 2004, according to a report Friday by the U.S. Energy Information Administration.

That represented a 15 percent from the previous year’s net revenues, the result of sustained lows in oil and gas prices and OPEC’s decision to cut production in late 2016, the agency said.

But with oil prices now hovering around $50 a barrel, EIA is projecting OPEC revenues will rise to $539 billion this year and $595 billion next year.

“he expected increase in OPEC’s net export earnings is attributed to slightly higher forecast annual crude oil prices in 2017 as well as slightly higher OPEC output during the year,” the report read.

RELATED: OPEC, Russia to meet on extending output cuts

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