Oil-pricing policy and government revenues per barrel of exports in the OPEC countries (1973-1979)

Abstract

This paper covers the evolution of government revenues per barrel of exported crude oil in the OPEC countries as from 1973, when the first oil crisis triggered a radical change in the power balance between oil companies and oil-importing countries on the one hand, and oil-exporting countries on the other hand, through 1979. The background of price-increasing decisions is given in the light of common and clashing interests within OPEC and the mutual dependence of oil-importing and -exporting countries. In figures the government revenues per barrel of exported crude, volumes of exported crude, and total government revenues are given for four representative OPEC countries (Saudi Arabia, Libya, Venezuela and Indonesia) and for the total OPEC, both in current and in constant 1973 dollars. Furthermore, an overall picture of oil prices, pricing systems and government revenues is presented