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Page added on August 27, 2016

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OPEC oil revenue down nearly 50 percent

Production

Net revenue for members of the Organization of Petroleum Exporting Countries from oil dropped nearly 50 percent year-on-year, U.S. analysis found.

Crude oil prices began their descent from $100 per barrel in 2014 as the increase in U.S. crude oil production helped push markets heavily toward the supply side. Output for members of OPEC remains robust, however, as ministers there said they expect a rebound in demand in the latter quarters of 2016.

A report from the U.S. Energy Information Administration found oil export revenue for OPEC members in 2015 was a collective $404 billion, 46 percent lower than the previous year.

“OPEC members’ 2015 net oil export revenue was at the lowest level since 2004, with significant implications for the fiscal condition of member countries that rely heavily on oil sales to fund social programs and to import other goods and services,” EIA’s report read.

Saudi Arabia, the de facto head of OPEC, unveiled an economic agenda dubbed Vision 2030, which aims to boost the country’s non-oil revenue and generate revenue through the public listing of shares in the Saudi Arabian Oil Co., known also as Saudi Aramco. Billed as the largest-ever IPO, the 2018 offering would likely value the company at $2 trillion. According to Moody’s Investors Service, however, the Saudi economy will grow at an average rate of 2 percent, compared with the 5 percent growth rate in the four years ending in 2015.

EIA said unplanned outages in countries like Libya and Nigeria are adding insult to injury. In Venezuela, further declines are expected because of work stoppages in response to a lack of payment from the state-owned Petroleos de Venezuela. Most of the OPEC members in the Persian Gulf region are impacted less than their peers, the report found.

In terms of a potential societal impact, EIA found that, when adjusted for inflation, net OPEC oil revenue was around $606 per person last year, down more than 80 percent from 1980.

upi.com



6 Comments on "OPEC oil revenue down nearly 50 percent"

  1. rockman on Sat, 27th Aug 2016 6:27 pm 

    The MSM, as always, is hours ahead when minutes matter. LOL. “…net OPEC oil revenue was around $606 per person last year, down more than 80 percent from 1980.”.

    Two years ago countless stories about the KSA/OPEC intentionally forcing the price of oil down to inflict damage on US shales producers. And now the story is how the lower price of oil, uncontrollable by the KSA/OPEC, is inflicting severe damage on their economies. And with little expectation of change anytime soon.

    And ever though the US shale rig count is way down our shale production, though leveled off and beginning to slide, is still close to levels when prices began to fall. It may not be long before we see MSM stories about the cruel conspiracy of US shale producers refusing to voluntarily cut rates and thus trying to destroy the economies of their foreign competitors. LOL.

  2. Survivalist on Sat, 27th Aug 2016 8:01 pm 

    USA LTO is a ponzy scheme. It might be producing oil and fees for traders but it’s not producing profit for investors. It’s a flash in the pan that will leave a legacy of pollution, waste and debt. If LTO is all America has left to brag about then these are sorry days indeed.

    http://euanmearns.com/us-shale-oil-production-laid-bare/

  3. Survivalist on Sat, 27th Aug 2016 8:03 pm 

    USA is buried in debt and has expensive to extract oil.

    KSA is sitting on 6 years of living expenses and has cheaper to produce oil.

    Anyone who bets on America is clearly blinded by patriotism. Go ahead and invest in shale. Buy those bonds. Kiss your money goodbye.

  4. onlooker on Sat, 27th Aug 2016 8:23 pm 

    Thanks Survive it sure does seem LTO is just what you said it is

  5. Anonymous on Sun, 28th Aug 2016 4:49 am 

    Yes, there is a price war all right, but it was never against merikant tar sanders and their toxic injector wells. It was of course, always about Russia, Venezuela, Iran. With the exception of Venezuela, which actually is hurting due to a combination of price manipulation by the amero-zionist GCC axis, AND cia/usaid directed destabilization and sanctions, amerikas ‘enemies’ dont appear about to collapse anytime soon. Or at least, not on washingdums schedule. But Im sure the uS is ready to fight this price war to the sauds last billion, if that’s what it takes…

  6. Kenz300 on Mon, 29th Aug 2016 6:25 am 

    One trick pony’s eventually learn other tricks or die…..

    OPEC has for too long refused to diversify their economies …………..

    Putting all your eggs in one basket is a recipe for disaster in the long run…………

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