This year’s drop is at least not as precipitous as 2015, when annual earnings dropped by more than $400bn as oil prices crashed from over $100/B to less than half that level. However, export earnings bottomed out at $418bn in 2016 during that price cycle, while MEES calculates that they could come in $100bn below that mark at just $315bn this time round.
None of Opec’s members have escaped without severe drops in oil earnings this year, with the exception of Gabon which has largely ignored the pledged production cuts. This hardship is being felt keenly in the group’s discussions over whether or not to ease the cuts from January. (CONTINUED - 1069 WORDS)
