OPEC net oil revenues rose by 32 percent reaching $711 billion in 2018
Members of the Organization of Petroleum Exporting Countries have increased their revenues by 32 percent in the last year., OPEC members earned $711 billion in 2018, compared to revenues of $538 billion in 2017.The most striking feature of the report is that Saudi Arabia, the largest oil exporter from the group, has nearly one-third of the total revenue of OPEC with earnings of $237 billion in 2018.
Venezuela was the only country that saw its petroleum export revenue decrease in the previous year as a result of US sanctions.However, revenue is expected to drop to $604 billion in 2019 as both oil production and oil prices drop. The average production of crude oil among the OPEC will decrease to 1.8 million barrels per day in 2019.
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