Tuesday, 11 October 2016

OPEC Chief - Cartel Lost US$1 Trillion To Oil Price Bust



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

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.  
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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.

Most experts, analysts and agencies, including the IMF and the World Bank, failed to predict correctly how long it would take the market to rebalance, Barkindo noted.

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