Net revenue from OPEC oil exports this year, projected at $323 billion, would be the lowest since 2002, the Energy Information Administration (EIA) said in a report on Tuesday.
WASHINGTON (Pakistan Point News / Sputnik - 03rd November, 2020) Net revenue from OPEC oil exports this year, projected at $323 billion, would be the lowest since 2002, the Energy Information Administration (EIA) said in a report on Tuesday.
"Crude oil prices have fallen as a result of lower global demand for petroleum products because of responses to COVID-19. Export volumes have also decreased under OPEC agreements limiting crude oil output that were made in response to low crude oil prices and record-high production disruptions in Libya, Iran, and to a lesser extent, Venezuela," the report said.
If realized, this net revenue in the latest forecast would be the lowest in 18 years, the report added.
OPEC earned an estimated $595 billion in net oil export revenues in 2019, less than half of the estimated record high of $1.2 trillion, which was earned in 2012, according to the report.
