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2016-06-23 18:10:00

OPEC REVENUES DOWN 46%

OPEC REVENUES DOWN 46%

 

OPEC OIL PRODUCTION 2000 - 2016

 

According to REUTERS, OPEC's 2015 oil export revenues slumped 46 percent to a 10-year low, the group said in a report published on Wednesday, underlining the impact on producers' income from a collapse in prices.

Oil prices at about $50 a barrel are half their level in mid-2014, pressured by oversupply. OPEC's decision in November 2014 to not cut supply, hoping a drop in prices would curb supply from competitors, deepened the decline.

With income falling, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) posted a combined current account deficit of $99.60 billion in 2015, compared with a surplus of $238.10 billion in 2014.

They earned $518.2 billion from petroleum exports last year, OPEC said in its Annual Statistical Bulletin, the lowest level since 2005.

"The last time OPEC recorded a current account deficit was in 1998," the report said. Prices sank to $10 that year because of a global surplus.

OPEC's crude oil exports rose only "slightly" last year to 23.60 million barrels per day (bpd), up 1.7 percent from 23.20 million bpd the previous year, the report said.

The OPEC publication doesn't forecast 2016 income. But a report earlier this month from the U.S. Energy Information Administration said 2016 oil export revenues will probably fall 15 percent before rising in 2017.

OPEC's proven crude oil reserves rose by 0.1 percent last year and it maintained its share of 81.2 percent of the world total, the OPEC report said.

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Earlier: 

THREE MAIN PLAYERS 

OIL MARKET BALANCE 2017 

OIL MARKET BALANCE 

OPEC WANT TO REGAIN 

OPEC HAS NO MEANING - 2

 

 

Tags: OPEC, OIL, PRICES

Chronicle:

OPEC REVENUES DOWN 46%
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OPEC REVENUES DOWN 46%
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OPEC REVENUES DOWN 46%
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OPEC REVENUES DOWN 46%
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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