OPEC Revenues Fact Sheet
Last Updated: June 2008
EIA estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned $673 billion in net oil export revenues in 2007, a 10 percent increase from 2006. Saudi Arabia earned the largest share of these earnings, $194 billion, representing 29 percent of total OPEC revenues. On a per-capita basis, OPEC net oil export earning reached $1,140, a 8 percent increase from 2006. Through May, OPEC had earned an estimated $423 billion in net oil export earnings in 2008. Based on projections from the EIA June 2008 Short Term Energy Outlook (STEO), OPEC net oil export revenues could be $1,178 billion in 2008 and $1,214 billion in 2009.
MethodologyThis report includes estimates of OPEC net oil export revenues. For each country, estimates of oil production and consumption from the latest version of the EIA STEO are used to derive net oil exports. We assume that these exports are sold at prevailing spot prices, available on the EIA website here. For countries that export several different crude varieties, we assume that the proportion of total net oil exports represented by each variety is equal to the proportion of the total domestic production represented by that variety: in other words, if we assume that Arab Medium represents 20 percent of total oil production in Saudi Arabia, then we assume that Arab Medium represents 20 percent of total net oil exports from Saudi Arabia.
| Country | Nominal ($B) | Real (2000$B) | ||||||
| 2007 | 2008 | 2009 | Jan-May 2008 | 2007 | 2008 | 2009 | Jan-May 2008 | |
| Algeria | $50 | NA | NA | $30 | $50 | NA | NA | $25 |
| Angola | $44 | NA | NA | $30 | $44 | NA | NA | $25 |
| Ecuador | $8 | NA | NA | $5 | $8 | NA | NA | $4 |
| Indonesia | -$4 | NA | NA | -$3 | -$4 | NA | NA | -$2 |
| Iran | $57 | NA | NA | $35 | $57 | NA | NA | $29 |
| Iraq | $38 | NA | NA | $25 | $38 | NA | NA | $20 |
| Kuwait | $55 | NA | NA | $35 | $55 | NA | NA | $29 |
| Libya | $41 | NA | NA | $24 | $41 | NA | NA | $20 |
| Nigeria | $56 | NA | NA | $30 | $56 | NA | NA | $25 |
| Qatar | $26 | NA | NA | $16 | $26 | NA | NA | $13 |
| Saudi Arabia | $194 | NA | NA | $125 | $194 | NA | NA | $102 |
| UAE | $63 | NA | NA | $40 | $63 | NA | NA | $32 |
| Venezuela | $46 | NA | NA | $29 | $46 | NA | NA | $24 |
| OPEC | $673 | $1,178 | $1,214 | $423 | $556 | $955 | $965 | $345 |
| Country | Nominal ($) | Real (2000$) | ||||||
| 2007 | 2008 | 2009 | Jan-May 2008 | 2007 | 2008 | 2009 | Jan-May 2008 | |
| Algeria | $1,513 | NA | NA | $903 | $1,513 | NA | NA | $736 |
| Angola | $3,566 | NA | NA | $2,427 | $3,566 | NA | NA | $1,979 |
| Ecuador | $565 | NA | NA | $337 | $565 | NA | NA | $275 |
| Indonesia | -$18 | NA | NA | -$12 | -$18 | NA | NA | -$10 |
| Iran | $870 | NA | NA | $536 | $870 | NA | NA | $437 |
| Iraq | $1,361 | NA | NA | $892 | $1,361 | NA | NA | $727 |
| Kuwait | $21,858 | NA | NA | $13,637 | $21,858 | NA | NA | $11,123 |
| Libya | $6,712 | NA | NA | $3,939 | $6,712 | NA | NA | $3,213 |
| Nigeria | $411 | NA | NA | $222 | $411 | NA | NA | $181 |
| Qatar | $28,357 | NA | NA | $17,571 | $28,357 | NA | NA | $14,331 |
| Saudi Arabia | $7,031 | NA | NA | $4,479 | $7,031 | NA | NA | $3,654 |
| UAE | $14,150 | NA | NA | $8,686 | $14,150 | NA | NA | $7,085 |
| Venezuela | $1,782 | NA | NA | $1,097 | $1,782 | NA | NA | $895 |
| OPEC | $1,140 | $1,966 | $1,996 | $1,996 | $943 | $1,593 | $1,585 | $578 |
(202)586-8800
cabs@eia.doe.gov