Net oil export revenue of the Organization of the Petroleum Exporting Countries' (OPEC) rose year over year by 32% in 2018, according to data compiled by Anadolu Agency on Tuesday.
Oil export revenue of the organization's 14 members totaled $711 billion in 2018, up from $538 billion in 2017, marking a 32% rise, data from the U.S.' Energy Information Administration (EIA) showed.
The cartel members maintained a production cut in 2018 to balance the supply and demand in the global oil market to push crude prices higher. Although OPEC's production declined year over year, their strategy was successful and oil prices rose in 2018, compared to 2017 resulting in revenue increases from their oil exports.
While international benchmark Brent crude averaged $54 per barrel in 2017, it gained 31% to average $71 a barrel in 2018. American benchmark West Texas Intermediate rose 27% to average $65 a barrel in 2018, while it averaged $51 per barrel in 2017, according to EIA data.
OPEC's total output averaged 32.01 million barrels per day (bpd) in 2017, but this amount fell slightly by 15,000 bpd to an average of 31.86 million bpd in 2018, based on secondary sources on data from OPEC's Monthly Oil Market Report for August 2019.
The EIA forecasts that OPEC's crude oil production will average 30.1 million bpd in 2019, which is around 1.8 million bpd lower than the average in 2018.
The U.S. administration also expects OPEC members' total revenue from oil exports to decrease to $604 billion in 2019, and further decline to $580 billion in 2020.
-Qatar and Venezuela
Qatar was the seventh country that recorded the highest oil export revenue in 2017 among the 15 OPEC members. However, the Gulf country announced on Dec. 3, 2018 that it would leave the cartel at the beginning of 2019. Therefore, its net oil export revenue in 2018 was not included.
Venezuela became the only country that saw a year-over-year decline in oil export revenues, mostly due to U.S. sanctions. Economic difficulties also hit the country's oil industry, hindering its oil production and exports. The world's largest oil reserve holder saw its oil export revenue decline to $27 billion last year from $28 billion the previous year.
-Saudi Arabia reigns again as world's biggest crude exporter
The world's biggest crude oil exporter and cartel heavyweight, Saudi Arabia, led OPEC members in oil export revenue in 2017, and again in 2018.
The Kingdom's revenue from oil exports totaled $172 billion in 2017, and this amount jumped by a massive 38% to $237 billion in 2018.
Saudi Arabia's revenue share out of OPEC's total oil exports also rose to 33% last year, from 29.4% the previous year.
- Iraq ranks second
Among OPEC members, Iraq had the second highest revenue from oil exports in 2018.
The country's oil export revenue rose 38% to $91 billion last year, from $66 billion the year before. Iraq's revenue share in OPEC's total oil exports also increased slightly year over year from 12.17% to 12.8%.
The United Arab Emirates (U.A.E.) ranked third in oil export revenue among OPEC members.
The U.A.E. increased its oil export revenue to $74 billion in 2018, from $56 billion in 2017, showing a 32% rise. The country's revenue share in the cartel's total oil exports also rose from 9.7% to 10.4% year over year.
Here are the oil export revenues, in nominal terms, of 14 OPEC members for 2017 and 2018, and the individual members' revenue shares in the cartel's total oil exports last year:
Name of the member country
Oil export revenue in 2017
Oil export revenue in 2018
Country's revenue share in OPEC's total oil exports in 2018 (percentage)
United Arab Emirates
By Ovunc Kutlu