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OPEC’s oil revenues slumped 18 percent last year

By | 07/03/2024 06:46 AM EDT

The group’s petroleum exports dropped by $148.9 billion to $679.7 billion in 2023, it said.

OPEC said its oil revenues slumped by 18 percent last year, as crude prices cooled and the group embarked on new production cuts to balance global markets.

The group’s petroleum exports dropped by $148.9 billion to $679.7 billion in 2023, after a surge the previous year, OPEC said in its Annual Statistical Bulletin on Tuesday.

Group leader Saudi Arabia — which shouldered the bulk of additional supply curbs — suffered the second-biggest drop in percentage terms, retreating by 24 percent to $248.4 billion. Equatorial Guinea saw the biggest revenue drop, collapsing by 44 percent as its output plunged.

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Brent crude futures averaged 17 percent lower in 2023, at about $82 a barrel. Prices had climbed the previous year following the invasion of Ukraine by Russia, which is part of a wider coalition of producers known as OPEC+.

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