OPEC’s crude oil export revenues for 2020 could decline to $323 billion,
the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue level in 18 years.
This would compare to $595 billion in oil revenues for 2019, the authority added.
Unsurprisingly, the biggest chunk of OPEC’s collective oil revenues for 2020 will be for Saudi Arabia as the biggest exporter in the cartel. For 2019, Saudi Arabia’s oil revenues totaled $202 billion—more than a third of the total—but last year’s revenues will be hit by the pandemic like those of its fellow OPEC exporters. Like other forecasters, the EIA warned the lower oil revenues will have a strong negative impact on OPEC economies.
The decrease in revenues could be detrimental to member countries’ fiscal budgets,
which rely heavily on oil sales to import goods, fund social programs, and support public services, analysts said,
OPEC itself is guardedly optimistic about the immediate future, however. Despite substantial deficits and a surge in loans to prop up budgets, the cartel expects oil demand to begin recovering this year.
the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue level in 18 years.
This would compare to $595 billion in oil revenues for 2019, the authority added.
Unsurprisingly, the biggest chunk of OPEC’s collective oil revenues for 2020 will be for Saudi Arabia as the biggest exporter in the cartel. For 2019, Saudi Arabia’s oil revenues totaled $202 billion—more than a third of the total—but last year’s revenues will be hit by the pandemic like those of its fellow OPEC exporters. Like other forecasters, the EIA warned the lower oil revenues will have a strong negative impact on OPEC economies.
The decrease in revenues could be detrimental to member countries’ fiscal budgets,
which rely heavily on oil sales to import goods, fund social programs, and support public services, analysts said,
OPEC itself is guardedly optimistic about the immediate future, however. Despite substantial deficits and a surge in loans to prop up budgets, the cartel expects oil demand to begin recovering this year.
