EIA forecasts OPEC net oil export revenues in 2020 to be the lowest in 17 years (10/28/2020)

EIA forecasts OPEC net oil export revenues in 2020 to be the lowest in 17 years (10/28/2020)
The U.S. Energy Information Administration (EIA) expects that members of the Organization of the Petroleum Exporting Countries (OPEC) will earn about $323 billion in net oil export revenues in 2020, the lowest level in 18 years (Figure 1). EIA based this revenues estimate on forecast total petroleum liquids production—including crude oil, condensate, and natural gas plant liquids— forecast total petroleum consumption, and the crude oil price forecasts in the October 2020 Short-Term Energy Outlook (STEO). The expected decrease in export revenues compared with last year is driven by lower crude oil prices and lower export volumes. Crude oil prices have fallen as a result of lower global demand for petroleum products because of COVID-19 and associated mitigation efforts. Export volumes have also decreased as a result of high production disruptions in Libya, Iran, and, to a lesser extent, Venezuela and OPEC agreements to limit crude oil output in response to low crude oil prices. ...

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