OPEC REVENUES FALL BELOW $1 TRILLION IN 2014
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.