OPEC reported that the organization's revenue from oil trade in 2023 fell by 18 percent. The fall in the prices of this raw material contributed to this, the Bloomberg media group informs.
The group's crude oil exports decreased by 148.9 billion in 2023. dollars to 679.7 billion dollars. In comparison, there was a sharp increase the year before.
Saudi Arabia's oil revenue fell by nearly a quarter to $248.4 billion, the second-biggest drop.
The largest contraction of income from the sale of this energy resource was recorded in the case of Equatorial Guinea and reached as much as forty-four percent.
Brent crude futures, at $82 a barrel, were on average 17 percent lower in 2023.
Since the beginning of the year, the price of Brent oil has risen by twelve percent, and in the last one year – by 15.5 percent. The price of WTI oil rose by 15.5 and 18.6 percent, respectively.