OPEC oil export revenues are down 11% from 2013

A man carries a bucket of crude oil in NigeriaAkintunde Akinleye/ReutersA man carries a bucket of crude oil at an illegal refinery in the village of Isuini-biri in Nigeria’s Bayelsa state May 15, 2012.

OPEC countries earned $US730 billion from oil exports in 2014, according to the Energy Information Administration.

That’s down from $US824 billion in 2013, and the lowest revenue posted since 2010, the EIA says. The decline was mostly because of falling oil prices in the second half of the year, but there was also a decrease in exports overall. These numbers are unadjusted for inflation, and exclude Iran.

Saudi Arabia accounted for about a third of the revenues, bringing in $US246 billion from oil exports.

OPEC projects revenues from oil exports will fall to $US380 billion in 2015.

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