OPEC REV­ENUES FALL BE­LOW $1 TRIL­LION IN 2014

Qatar Today - - OIL GAS -

The 2014 crash in oil prices caused the com­bined oil earn­ings of Or­gan­i­sa­tion of Petroleum Ex­port­ing Coun­tries' 12 mem­bers to drop 11% from QR4.04 tril­lion ($1.112 tril­lion) in 2013 to QR3.62 tril­lion ($993.3 bil­lion) in 2014. It is the first time the group's rev­enue has fallen be­low $1 tril­lion since 2010.

The or­gan­i­sa­tion's An­nual Re­port 2014, re­leased on June 16th, showed the fi­nan­cial dam­age done to the in­dus­try by the pre­cip­i­tous fall in the global av­er­age price of oil from late June 2014, when it was around $115 per bar­rel, to the end of the year, when it was un­der $60. And mem­bers' com­bined cur­rent ac­count bal­ance fell by 35% to QR995.90 bil­lion ($273.6 bil­lion) due to a drop in ex­ports and an in­crease in im­ports.

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