Iran secured highest oil revenue growth among OPEC members in 2024
Iran attained the highest increase in oil revenue among OPEC members in 2024, earning over $46.7 billion and registering a growth of nearly 14% compared to the previous year.
This is while OPEC's total oil revenue decreased by 4%, reaching $652 billion, Mehr reported.
According to statistics published in the 60th edition of OPEC's Annual Statistical Bulletin (ASB), Iran secured the highest oil revenue increase among the organization's members in 2024, with nearly 14% growth in revenue from oil exports.
Based on the data, Iran earned more than $46.776 billion from oil exports in 2024, while the figure stood at nearly $41.129 billion in 2023. Following Iran, Venezuela achieved the best performance in terms of oil revenue growth, rising from $13.088 billion in 2023 to $18.372 billion in 2024.
A notable point is that only four OPEC members attained positive performance in increasing oil revenues in 2024. Apart from Iran and Venezuela, Nigeria with a $1 billion growth and Equatorial Guinea with a slight increase of $39 million rank next. This comes as OPEC members' total revenue from oil exports decreased by 4% overall, falling from $678 billion in 2023 to approximately $652 billion in 2024.
Meanwhile, Saudi Arabia's oil revenues suffered a decrease of more than $24 billion in 2024, reaching $223 billion. Kuwait also experienced a $9 billion decline, earning nearly $69 billion in oil revenue last year.