Opec oil export revenues normalized last year as weakened economic activity and strong supply from outside the group weighed on oil prices. MEES calculations indicate that the group’s export revenues fell by $160bn (19%) from 2022’s eight-year-high $832bn to $672bn for 2023.
Despite the sharp drop, revenues were still the second highest on an annual basis since 2014. Last year saw the market stabilize following the disruption caused by Russia’s early-2022 invasion of Ukraine. Russian supply proved robust, US output boomed, and demand growth was historically strong at more than 2mn b/d. But sustained inflationary pressures, tightening monetary policy and concerns that China’s post pandemic rebound was losing steam dominated market sentiment. (CONTINUED - 1092 WORDS)
