OPEC members’ net oil export revenue is forecast to fall to $337.9 billion this year, a drop of 16 percent from 2015 and 55 percent from 2014, according to EIA data. That’s the lowest level since 2004 and while declining crude prices are seen as the main driver behind lower revenues since mid-2014, unplanned production outages such as those seen in Libya and Nigeria have also contributed to lower earnings, the EIA said in a report dated Aug. 26.
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© 2025 Naija247news Media Group LLC. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from Naija247news Media Group LLC.
Reporting by Babatunde Akinsola in Lagos, Nigeria.
