RFERL:

After 29% annual growth in 2017, net oil export revenues of OPEC members are expected to rise again by 30% to $736 billionin 2018, the US Energy Information Administration (EIA) estimated.

However, the figure will fall to $719 billion next year due to slightly lower OPEC production and exports, the report said on September 18. No major oil price increase is forecast, as Brent benchmark price is expected to increase by $1 to $74/barrel next year.

Iran gradually increased its oil exports in 2016 and 2017 after its nuclear deal with world powers was implemented in January 2016 and its oil (including gas condensate) export revenues increased by 45% year-on-year in 2017, higher than the OPEC’s average.

However, EIA’s short-term energy outlook report says Iran’s oil exports declined by 19% (about 0.5 million barrels per day) in August. Bloomberg tanker tracking data also indicates 30% decline since April and further shrinkage is expected for coming months as oil-related sanctions US sanctions are scheduled to be implemented soon.

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