OPEC Revenue Slumps Below $1 Trillion First Time Since 2010
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OPEC nations’ revenue from petroleum exports plunged below $1 trillion last year for the first time since 2010, highlighting how slumping crude prices hurt countries reliant on oil sales to fund their economies.
The group’s 12 members earned $993.3 billion in 2014, a decrease of 11 percent from a year earlier, according to the Organization of Petroleum Exporting Countries’ annual report published Tuesday. Their combined current account balance slumped by 35 percent to $273.6 billion as the drop in exports was accompanied by an increase in imports.