Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
Ahead of OPEC’s May 25 meeting, the U.S. Energy Information Administration (EIA) noted the hole that the oil price downturn has opened in member nations’ pockets.
In 2016, OPEC revenues were $433 billion—the lowest since 2004 in adjusted dollars.
“In real dollar terms, the 2016 revenue represents a 15% decline from the $509 billion earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports,” EIA said.
The agency projects OPEC’s net oil export revenues will rise to about $539 billion dollars in 2017, based on the forecast of global oil prices and OPEC production levels.
Oil prices are forecast to rise slightly in 2017 and OPEC is expected to have increased output.
Darren Barbee can be reached at dbarbee@hartenergy.com.
Recommended Reading
SLB to Use Geminus AI Physics-based AI Model Builder
2024-01-10 - AI models built using physics-based simulations from Geminus will optimize oil and gas operations, SLB says.
Drilling Automation Systems Provide Consistency Across Wells, Fields, Personnel
2024-01-09 - Automated drilling systems don’t get tired, forgetful or concerned about the type of rig or formation.
Exclusive: NexTier Reveals New Blending Equipment for Fracturing
2024-01-09 - Renee LeBas, vice president of NextGen at NexTier introduces their latest technology and electric driven blending equipment for fracturing operations with risk reducing components in this week's Tech Trends.
8 Rivers, Casale Partner to Advance Hydrogen Technology
2024-01-17 - The CO2 convective reformer will enable 8 Rivers’ 8RH2 technology to capture nearly all CO2 as part of its process, the company says.
Exclusive: Meet the Data Van, the Heart of Completion Operations
2024-01-23 - In this Hart Energy Live Exclusive, NexTier’s Ben Dickinson describes how the data van centralizes completions controls and data and reduces on-site personnel requirements as the industry moves ever closer to remote fracs.