OPEC Oil Revenues Hit $567Bln In 2017, Expects $169Bln Increase In 2018 - US Energy Dept.

OPEC Oil Revenues Hit $567Bln in 2017, Expects $169Bln Increase in 2018 - US Energy Dept.

Net oil revenues for the OPEC oil cartel are expected to increase nearly one-third in 2018 following $567 billion in sales last year, according to an estimate by the Energy Information Administration (EIA) on Tuesday.

WASHINGTON (Pakistan Point News / Sputnik - 21st August, 2018) Net oil revenues for the OPEC oil cartel are expected to increase nearly one-third in 2018 following $567 billion in sales last year, according to an estimate by the Energy Information Administration (EIA) on Tuesday.

"Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $567 billion in net oil export revenues (unadjusted for inflation) in 2017," an EIA press release stated. "EIA expects that OPEC net oil export revenues will rise to about $736 billion in 2018."

The 2018 projection is based on forecasts of global oil prices and OPEC production levels, the release explained.

Saudi Arabia accounted for the largest share of total OPEC earnings, $167 billion in 2017, representing nearly one-third of total OPEC oil revenues, the release also said.

President Donald Trump has appealed to Saudi Arabia to raise oil output in an attempt to check an increase in US gasoline prices, according to published reports.