The EIA,
which made this disclosure in OPEC revenues fact sheet released yesterday,
stated that the cartel’s revenue declined by 46 per cent from the $753 billion
earned in 2014 to $404 billion, mainly as a result of a precipitous fall in
average yearly crude oil prices during the year. OPEC’s oil export income per
person is back to where it was when prices crashed at the end of the 1990s.
According to the agency, these net export earnings include Iran, unlike in previous reports.
Specifically,
Nigeria’s oil export revenue declined from the $78 billion it earned in 2014 to
$39 billion in 2015.
Already, the
country has earned only $10 billion between January and May this year.
Also,
Nigeria’s per capita net oil export revenue dropped from $492 billion it
recorded in 2014 to $240 as at December 2015.
For 2017,
OPEC revenues are projected to be $427 billion, with an increase in forecast
crude oil prices, coupled with higher production and exports, contributing to
the rise in overall earnings.
However, the
report noted that Iran’s net export revenues are not adjusted for possible
price discounts the country may have offered its customers between late 2011
and January 2016, when nuclear-related sanctions targeting Iran’s oil sales
were in place. Saudi Arabia earned the largest share of these earnings, $130
billion in 2015, representing approximately one-third of total OPEC oil
revenues.
On a per
capita basis, OPEC net oil export earnings are expected to decline by about 17
per cent from $606 in 2015 to $503 in 2016. The expected decline in OPEC’s net
export earnings has been attributed to lower forecast yearly crude oil prices
in 2016 compared with 2015. The price declines are expected to more than offset
OPEC’s increased production and exports in 2016.
EIA’s June
report projects that OPEC crude oil production will average 32.4 million
barrels per day (bpd) in 2016, 0.8 million bpd higher than in 2015. EIA
estimates that petroleum and other liquid fuels production in countries outside
of the Organization of the Petroleum Exporting Countries (OPEC) grew by 1.5
million bpd in 2015, with more than half of the growth occurring in North
America. EIA expects non-OPEC production to decline by 0.6 million b/d in 2016
and by 0.2 million bpd in 2017.
The agency
said that changes in non-OPEC production were largely driven by changes in U.S.
tight oil production, which has high production decline rates and relatively
short investment horizons, making it among the most price-sensitive oil
production globally. (Guardian)
No comments:
Post a Comment