According to EIA, OPEC revenues will decrease by 15% in 2016. Yearly revenues will fall for the third time in a row and will be the lowest since the last decade. In 2017, however, revenues are expected to start growing again.

OPEC oil revenues 1975-2015

Based on the predicted oil price and production levels, OPEC countries will approximately earn $341 billion in 2016. Compared to last year, this represents 15% fall in revenues. OPEC incurred the greatest fall in oil revenues in 2015 when revenues decreased by 46%.

Predicted oil revenues in 2016 will be the lowest since 2004 when OPEC earned approximately $295 billion. Last time when OPEC revenues fell three times in a row was during the period 1983-1986. Next year OPEC revenues will increase reaching $427 billion. This is due to the expected rise in the oil price and OPEC production level.

At the beginning of the year oil prices settled at 12-year low, but rose recently reaching nearly $50 per barrel mainly due to oil extraction halt in Nigeria and Canada.

It is expected that after a period of extremely low oil prices, extraction levels will fall and so equilibrium on the global oil market will be restored. Consequently, predictions for 2017 are optimistic.