OPEC Earnings Fall With Oil Prices

The 9-month-old plunge in the price of oil combined with a decrease in exports cut into OPEC’s net earnings in 2014, according to estimates by the U.S. Energy Information Administration (EIA).


With the exclusion of Iran, 11 of OPEC’s 12 member countries earned about $730 billion in net export revenues last year, an 11% drop from 2013, when the cartel earned $824 billion, and “the lowest earnings for the group since 2010,” the EIA said.

These and all other dollar figures in the EIA report are not adjusted for inflation.

The IEA said Iran was excluded from the report because it is difficult to estimate the country’s earnings because of sanctions that forbid payments for oil to Tehran and any price discounts it may offer to some customers.

cheatsheet.com