OPEC Export Earnings Plunge 46 Percent in 2015 From Previous Year

The Persian Gulf states were affected to a lesser degree than other oil producing countries.

WASHINGTON (Sputnik) — The Organization of Petroleum Exporting Countries (OPEC) earned $404 billion in oil export revenue in 2015, down from $753 billion in the previous year, the US Energy Information Administration (EIA) reported in a press release on Friday.

"OPEC members' 2015 net oil export revenue was at the lowest level since 2004, with significant implications for the fiscal condition of member countries that rely heavily on oil sales to fund social programs and to import other goods and services," the release said.

Countries such as Saudi Arabia and other Persian Gulf states that have accumulated wealth and financial assets were affected to a lesser degree than other oil producing countries, including Iraq, Nigeria and Venezuela, the release explained.

The EIA release also noted that countries such as Iraq, where oil accounts for 99 percent of all exports, were hit harder than nations such as Indonesia, where oil comprises just 5 percent of total exports.

The OPEC cartel currently comprises 12 nations: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela and the United Arab Emirates.