Decline in Iran's Oil Revenue Amid Significant Growth in Other OPEC Members' Income

The U.S. Energy Information Administration states that due to rising oil prices, the net export income of OPEC members increased by about 29% in 2017, reaching $567 billion. For the current year, this figure is expected to rise again by 30% to $736 billion. The report, published on Tuesday, September 18, on the official website of the U.S. Energy Information Administration, adds that for the next year, due to a decline in production and exports from OPEC (Iran and Venezuela), the net income from oil exports for the members of this organization is expected to decrease to $719 billion. The decline in production in Iran and Venezuela comes as other member producers such as Saudi Arabia, Iraq, Libya, Nigeria, and the UAE are increasing their output. The report further states that Iran had a net income of $55 billion from crude oil exports last year, which was an increase of nearly 45% compared to 2016. This significant growth in income was due to the simultaneous increase in the volume of the country's exports following the JCPOA and the rise in oil prices, with Iran's share of total OPEC oil export income rising from below 5% in 2013 to 10% in 2017. Iran's net income from oil exports in the current seven months has also been $41 billion, but the report indicates that Iran's oil exports (including gas condensates) in the eighth month, August, decreased by about 19% (half a million barrels per day). Published statistics in media and some international organizations also indicate that Iran's exports in the current month, September, have decreased by another 500,000 barrels, reaching 1.5 million barrels per day. The U.S. is set to implement oil sanctions against Iran starting November 4, aiming to reduce the country's oil exports to around one million barrels by that time. Consequently, Iran's oil revenues are expected to decline sharply in the second half of this year and especially in the coming year. The report predicts that the average price of Brent crude oil will be $73 this year and $74 next year.