OPEC's Good Year Can't Mask Broader Fragility - Bloomberg:
The latest U.S. assessment of how much money OPEC rakes in from oil exports confirmed one thing: Cutting supplies worked.
In its annual OPEC Revenues Fact Sheet, released Tuesday, the Energy Information Administration estimates OPEC’s export revenue was $567 billion in 2017, up 26 percent in real terms. That’s despite the group’s average crude oil production dropping slightly compared with 2016. Such is the magic of higher prices and collective supply restrictions.
Yet the numbers also show just how big a hole OPEC now finds itself in. Because 26 percent growth is great, obviously, but just how great depends on where you’re starting from:
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