The United States Energy Information Administration (EIA) estimates OPEC earned nearly $433 billion in net oil export revenues in 2016, the EIA reported in its May 2017 Short-Term Energy Outlook.
The figure represents a 15% decline from the $509 billion OPEC earned in 2015, which was attributed to lower crude prices. The 2016 figure is the lowest revenue total since 2004.
The report included Iran, which the EIA omitted from editions published between 2012 and 2015.
Saudi Arabia earned the largest share of OPEC’s oil revenues...