OPEC Export Revenue Dropping to Lowest Level in Five Years

Lower oil prices will cause export revenue for the Organization of the Petroleum Exporting Countries (OPEC) to drop to their lowest level in five years, according to the U.S. Energy Information Administration.

Most of the assertions of OPEC can only be taken with a grain of salt, as there's never full compliance by member nations, and the EIA confirms they're looking at only about half the projected cuts will in reality be made, which recently were decreased to a wishful 4.2 million barrels a day.

That leads them to project revenue for OPEC countries will be down by about $57 billion from last month's numbers, with overall revenue for the year reaching an estimated $387 billion.

Further out in 2010, there should be an increase to about $526 billion, still far below the $972 billion in revenue generated in 2008.

Taking into account the projections made when oil hit the record $147 a barrel during the summer, which were at $1.3 trillion for 2009, this is an extraordinary challenge for the OPEC countries which rely so much on the revenue to keep their countries stabilized.