OPEC’s Oil Revenues Slumped 18% Last Year As Prices Eased
(Bloomberg) -- OPEC said its oil revenues slumped by 18% 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% to $248.4 billion. Equatorial Guinea saw the biggest revenue drop, collapsing by 44% as its output plunged.
Brent crude futures averaged 17% 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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