Otmane El Rhazi from Today in Energy.
Based on crude oil market assessments in the Short-Term Energy Outlook, EIA estimates that members of OPEC, excluding Iran, will earn about $700 billion in net oil export revenues in 2014, a 14% decrease from 2013 earnings and the lowest earnings for the group since 2010. OPEC earnings declined in 2014 largely for two reasons: decreases in the amount of OPEC oil exports and lower oil prices, with the 2014 average for Brent crude oil projected to be 8% below the average 2013 price.
Based on crude oil market assessments in the Short-Term Energy Outlook, EIA estimates that members of OPEC, excluding Iran, will earn about $700 billion in net oil export revenues in 2014, a 14% decrease from 2013 earnings and the lowest earnings for the group since 2010. OPEC earnings declined in 2014 largely for two reasons: decreases in the amount of OPEC oil exports and lower oil prices, with the 2014 average for Brent crude oil projected to be 8% below the average 2013 price.
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