Total revenue of the Organization of the Petroleum Exporting Countries' (OPEC) oil exports increased by around 28 percent in 2017, compared to 2016, according to data compiled by Anadolu Agency on Monday.
OPEC's oil export revenue totaled $567 billion in 2017, from $441 billion in 2016, marking an increase of 28.6 percent, according to data from the U.S.' Energy Information Administration (EIA).
While the cartel's members increased their oil exports year-over-year, the rise in crude oil prices also played a significant role for OPEC countries that saw revenues increase from oil exports.
International benchmark Brent crude averaged $43.74 per barrel in 2016 and rose to $54.15 a barrel in 2017, while American benchmark West Texas Intermediate increased from $43.33 a barrel to $50.79 per barrel on average during that period, according to official data.
The EIA said OPEC members' total revenue from oil exports is estimated as $736 billion this year and $719 billion next year.
- Saudi Arabia on top
The world's biggest crude oil exporter and cartel heavyweight, Saudi Arabia, led the cartel members in oil export revenue last year.
While the Kingdom's revenue from oil exports totaled $134 billion in 2016, this amount jumped by 24.6 percent to $167 billion in 2017.
Saudi Arabia's revenue share in OPEC's total oil exports was 29.4 percent last year.
- Iraq ranks in second place
Among OPEC members, Iraq had the second highest revenue from oil exports in 2017.
The country's oil export revenue rose 30.2 percent to $69 billion last year, from $53 billion the year before.
Iraq's revenue share in OPEC's total oil exports was 12.17 percent last year.
Iran and the United Arab Emirates (UAE) shared third place in oil export revenue.
The UAE increased its oil export revenue to $55 billion in 2017, from $45 billion in 2016, seeing a 22.2 percent rise.
Iran's oil export revenue also reached $55 billion last year, from $37 billion the year before -- a 48.6 percent increase.
Both countries' revenue share in OPEC's total oil exports was 9.7 percent each last year.
Here are the oil export revenues, in nominal terms, of 15 OPEC members for 2016 and 2017, and the individual members' revenue shares in the cartel's total oil exports in 2017:
Name of the member country
Oil export revenue in 2016
Oil export revenue in 2017
Country's revenue share in OPEC's total oil exports (percentage)
United Arab Emirates
By Ovunc Kutlu in New York