The 3 Week Diet System

Wednesday, June 17, 2015

OPEC Export Revenue Below $1 Trillion Lowest Since 2010

June 17:

Oil production.

MOSCOW (Sputnik)  According to the report, released on Tuesday, the value of the 12-member organization’s combined petroleum exports dropped from $1.1 trillion in 2013 to $993.3 billion in 2014, the year when oil prices plummeted to less half their prior value.
OPEC upheld its production quota of 30 million barrels per day at its meeting in Vienna on June 5. The group surpassed its self-imposed limits for the past 11 months, according to analysis conducted by Bloomberg.
The organization cites Dutch ING Bank’s senior commodity strategist as projecting another below-$1-trillion year for OPEC due to low prices in the first half of 2015, but they are expected to deal with future dangers appropriately.
"OPEC members may have been blind-sided by lower revenues last year, but they appear to be mitigating risks moving forward," Hamza Khan was quoted as saying by the news outlet.
In its previous lowest showing in 2010, when inflation-adjusted oil prices hovered at around $77 per barrel, OPEC members generated $745 billion in export revenue.
Current Brent Crude prices stand at $62.63 and WTI Crude at $59.97 per barrel, compared to a combined average of $41 at the start of 2015.


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