RoydadNaft – According to OPEC’s 60th Annual Statistical Bulletin, Iran recorded the highest oil revenue growth among member states in 2024 with a nearly 14% increase, while overall OPEC oil export earnings declined by 4%, driven by significant drops in revenue for major producers like Saudi Arabia and Kuwait.

According to figures published in the 60th edition of the Annual Statistical Bulletin by the Organization of the Petroleum Exporting Countries (OPEC), Iran saw the highest growth in oil revenue among member states in 2024, with a nearly 14% increase.

Following Iran, Venezuela recorded the second-highest rise in oil revenue, climbing from $13.088 billion in 2023 to $18.372 billion in 2024.

Notably, only four OPEC members posted positive growth in oil revenue in 2024. Aside from Iran and Venezuela, Nigeria saw a $1 billion increase, while Equatorial Guinea had a modest rise of $39 million. Meanwhile, OPEC’s total oil export revenue fell by 4%, dropping from $678 billion in 2023 to about $652 billion in 2024.

Saudi Arabia’s oil revenue declined by over $24 billion in 2024, reaching $223 billion. Kuwait also experienced a $9 billion drop, with oil revenue totaling nearly $69 billion for the year.