Posted on June 27, 2015

The value of OPEC members' petroleum exports fell below $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, said Reuters.

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 $964.6 billion last year from $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 $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 $96.29 in 2014, down from $105.87 in 2013, a drop of 9 percent. 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 percent decline in revenues to $285.1 billion. Iraq, OPEC's fastest-growing oil exporter, had a smaller drop of 5.7 percent to $84.3 billion. The biggest fall was in Libya, where unrest hit output and the value of exports slumped 66 percent to $14.9 billion.

The following table showing members' values of petroleum exports in millions of dollars is reproduced from the report.

  2010 2011 2012 2013 2014
Algeria  40,113 52,883 49,993 44,462 40,639
Angola  49,379 65,634 69,954 66,652 57,609
Ecuador  9,685 12,925 13,750 14,103 11,401
Iran  72,228 114,751 101,468 61,923 53,652
Iraq  51,589 83,006 94,103 89,402 84,303
Kuwait 61,753 96,721 112,933 108,548 97,537
Libya 47,245 18,615 60,188 44,445 14,897
Nigeria 67,025 87,839 94,642 89,314 76,925
Qatar 43,369 62,680 65,065 62,519 56,912
Saudi Arabia  214,897 309,446 329,327 314,080 285,139
UAE  74,638 111,607 119,986 122,973 107,853
Venezuela  62,317 88,131 93,569 85,603 77,776
OPEC  794,238 1,104,239 1,204,977 1,104,024 964,643

Notes: Where applicable, petroleum product exports are included. Data for some countries may include condensates as well as other natural gas liquids. Some countries import substantial amounts of crude and products, resulting in lower net revenue from petroleum operations. Iraq excluding border trades.

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