ECONOMY


OPEC Chief Says Cartel Lost US$1 Trillion to Oil Price Bust

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Baku, October 11, AZERTAC

Due to the slump in oil prices, OPEC producers have lost more than US$1 trillion in revenues over the past three years, OPEC Secretary General Mohammad Barkindo has told reporters in Washington DC, Oilprice.com

Investments in the oil industry shrank more than 26 percent last year and are projected to drop by another 22 percent this year, Barkindo said on the sidelines of meetings of the International Monetary Fund (IMF) and the World Bank in the U.S. capital.

The estimates for 2017 are also “looking very bleak,” Nigeria’s The Nation quoted Barkindo as saying. For the first time in recent memory, OPEC is not only facing three years in a row of low crude prices, but also declining capex, especially in the upstream business, according to the OPEC official.

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