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Opec petroleum exports fall below US$1t in 2014 on oil slump

Thursday, June 25, 2015 - 20:10

[LONDON] The value of Opec members'petroleum exports fell below US$1 trillion in 2014 for the first time since 2010, according to its annual statistical report, illustrating the impact of last year's slump in oil prices on the producer group.

The data includes some refined fuel and light oil condensate as well as crude oil.

Exports from the Organization of the Petroleum Exporting Countries fell in value to US$964.6 billion last year from US$1.10 trillion in 2013, according to Opec's Annual Statistical Bulletin 2015 issued on Wednesday.

The drop follows the oil-price slump in 2014 from over $100 a barrel in June to below US$60 by December on slowing demand, rising supply and Opec's decision to stop trimming output to support prices in favour of defending market share.

Opec said the price of a basket of crudes produced by its members averaged US$96.29 in 2014, down from US$105.87 in 2013, a drop of 9 per cent. The decline in the value of individual Opec members' petroleum exports varied, however.

Saudi Arabia, Opec's top exporter and the driver of its landmark decision in November 2014 not to cut output, saw a 9.2 per cent decline in revenues to $285.1 billion.

Iraq, Opec's fastest-growing oil exporter, had a smaller drop of 5.7 per cent to US$84.3 billion.

The biggest fall was in Libya, where unrest hit output and the value of exports slumped 66 per cent to US$14.9 billion.

REUTERS