Mumbai, July 2 -- The US Energy Information Administration or EIA stated in a latest update that OPEC members earned about $550 billion in crude oil export revenues in 2024, a 9%, or $55 billion (nominal $) decline from 2023. The decline in revenues resulted from a decline in both crude oil prices and OPEC crude oil production last year. Crude oil prices have been the primary driver for OPEC crude oil revenues from 2010-2024. Although OPEC crude oil production has varied from 11% above to 10% below its 2010 average of 26.9 million barrels per day, the Brent crude oil price has varied more significantly, from 40% above to 48% below the 2010 price of $79.54 per barrel (b).
EIA forecasts that OPEC crude oil export revenues will continue to de...