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Export Earnings of OPEC Fell by 13.2% in 2016

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Revenues from oil exports by OPEC countries in the past year fell by 13.2% compared to 2015, amounting to $ 445.7 billion, the organization’s document says.

At the same time, OPEC’s oil exports for 2016 increased by 6.5% to 25.01 million barrels per day. The current account deficit of the countries of the cartel was $ 43.7 billion in 2016, while in 2015 the deficit was $ 98.7 billion.

In general, the exports of the OPEC countries in value terms decreased by 7.9%, while imports decreased by 9.2% Year-on-Year.

OPEC members at a meeting in Vienna on May 25 agreed to extend the agreement on reducing oil production for 9 months until March 31, 2018.

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