- REUTERS/Athit Perawongmetha
OPEC’s revenue collapsed to a 10-year-low.
The oil cartel earned $518.2 billion in 2015 from the sales of crude and refined fuels, according to the group’s Annual Statistical Bulletin.
That’s a 45.8% drop from the prior year, and the lowest level since 2005.
At the same time, the report notes that exports rose by 1.7% to 23.6 million barrel per day, up from last year’s 23.2 million barrels per day. The majority of OPEC’s crude oil was exported to the Asia Pacific region.
Putting these two things together, it’s apparent that the increase in export volumes wasn’t enough to offset the stab of lower prices.
Brent crude oil is weaker by 0.6% at $50.34 per barrel as of 10:41 a.m. ET.