OPEC’S NET OIL REVENUES FELL 11% IN 2014, SAYS EIA

The United States Energy Information Administration (EIA) has estimated that the members of the Organisation of the Petroleum Exporting Countries (OPEC), excluding Iran, earned about $730 billion in net oil export revenues (unadjusted for inflation) in 2014.

This represents an 11 per cent decline from the $824 billion earned in 2013, largely because of the decline in average annual crude oil prices and, to a lesser extent, from decreases in the amount of OPEC net oil exports.

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