OPEC’s Oil Revenues Set To Plunge To 18-Year Low ...Middle East

The low oil prices and the record OPEC+ production cuts are set to nearly halve the net oil export revenues of OPEC members this year compared to 2019, sending them plunging to their lowest level since 2002, the U.S. Energy Information Administration (EIA) said on Tuesday. Collectively, OPEC members are estimated to earn about US$323 billion in net oil export revenues this year. If EIA’s forecast holds, the revenues will have dropped to their lowest level in 18 years. To compare, OPEC earned an estimated US$595 billion in net oil export revenues…

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