OPEC's crude oil production fell by 80,000 barrels per day (kbd) last month to 26.98 million barrels per day (mbd), according to Bloomberg's production survey. Reductions from Iraq, Kuwait, Nigeria, and Saudi Arabia offset a rise from Venezuela. Iraq and the UAE still produce around 250,000 barrels per day above their targets, while Nigeria is trailing. Additionally, OPEC oil revenues fell by $149 billion to $680 billion last year, representing an 18% decline. This revenue slump was due to cooling crude prices and new production cuts aimed at balancing global markets.
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 https://t.co/qrGZW6EEd4
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 https://t.co/VqDXS8aYRJ
*OPEC OIL REVENUES FELL BY $149B TO $680B LAST YEAR Payback to the Biden oil trading deal is coming
#OPEC #OIL REVENUES FELL BY $149B TO $680B LAST YEAR. #oott
#OPEC OIL REVENUES FELL BY $149B TO $680B LAST YEAR.
OPEC OIL REVENUES FELL BY $149B TO $680B LAST YEAR.
OPEC's #crudeoil production fell 80kbd last month to 26.98mbd according to Bloomberg's production survey. Reductions from Iraq, Kuwait, Nigeria and KSA offsetting a rise from Venz. Iraq and UAE still produce around 250 kbp above their targets while Nigeria is trailing #oott https://t.co/zjvwoZAl49