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.
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.