Increases in both crude oil prices and in net OPEC oil exports drove revenues higher in 2017, and the EIA expects that revenues will continue to increase in 2018, based on its August ‘Short-Term Energy Outlook’.
The EIA projects that OPEC net oil export revenues will increase to US$736 billion in 2018, up 30% from 2017. This expected increase follows higher forecast annual crude oil prices in 2018 and more than offsets slightly lower crude oil production from OPEC members in 2018. OPEC revenues will decline to US$719 billion in 2019, according to EIA projections, driven mainly by lower crude oil prices, as well as slightly lower OPEC production and exports.
