Opec released its Annual Statistical Bulletin (ASB) this week, which detailed its members’ oil export revenues. The group’s overall takings fell 13.2% from 2015, which itself was the lowest since 2004, to $445.7bn (see table). Revenues are on track to post a moderate 14% gain in 2017, largely due to higher prices in Q1, but to fall just short of 2015’s figure. While Opec members would have been hoping for more sizeable gains to come in 2018, the latest IEA and Opec figures indicate that they may have to wait longer yet.

Iran was the only country to increase its takings last year, recording a 51% boost to $41bn. This was the fifth highest takings within the group. It secured these gains as the easing of international sanctions in January 2016 enabled it to boost exports from 1.08mn b/d in 2015 to 1.9mn b/d last year. This 75% rise more than offset the 19% fall in the value of Iran’s benchmark Iran Heavy crude grade. (CONTINUED - 443 WORDS)