EIA expects that OPEC net oil export revenues will increase to $736 billion in 2018, up 30% from 2017. This follows higher forecast annual crude oil prices in 2018 and more than offsets slightly lower crude oil production from OPEC members in 2018. OPEC revenues will reduce to $719 billion in 2019, according to EIA projections, driven mainly by lower crude oil prices, as well as slightly lower OPEC production and exports.

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Saudi Arabia receives more oil export revenue than any other member of OPEC. Saudi Arabia’s share of total OPEC net oil export revenues was almost 30% in 2017, and it has remained consistent since at least 1996, ranging between 28% and 34%.

Iran’s share of OPEC revenues increased to 10% in 2017 to its highest level since 1999, recovering from declines from 2012 through 2015 due to sanctions on Iran’s oil exports.

Iraq’s share of total OPEC revenues also increased, reaching over 12% in 2017, as the country’s crude oil production and exports continued to rise. Iraq’s exports averaged about 3.8 million barrels per day in 2017, despite the shut-in of northern Iraqi production and exports following the Kurdish Region’s independence referendum in September 2017 and the takeover of Kirkuk area fields by Iraqi forces.

As for Libya, its share of total OPEC oil export revenues has fluctuated since 2010 as the country’s oil sector was disrupted during the civil war. Since 2010, warring factions in the country have repeatedly targeted oil sector installations, particularly Libya’s oil export facilities.

Venezuela’s share of OPEC revenues also reduced in 2017, as the country had significant declines in production during severe economic instability.