OPEC member countries lost $1trn to oil price plunge in two years, says Sec. Gen

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OPEC member countries lost $1trn to oil price plunge in two years, says Sec. Gen

Oil Market: Global demand to grow by 6 mb/d in 2021 ― OPEC

Oil Market: Global demand to grow by 6 mb/d in 2021 ― OPEC

The Secretary-General, Organisation of Petroleum Exporting Countries( OPEC), Dr Mohammad Barkindo, has disclosed that OPEC member countries lost about $1 trillion USD to oil price plunge in 2015 and 2016.

Barkindo disclosed this in his keynote address to the Fourth Nigeria International Petroleum Summit, in Abuja, on Monday, under the theme: ” From Crisis to Opportunities, new concepts ”.

“In terms of foregone revenues to OPEC member countries during this oil cycle, collectively about one trillion dollars was lost as a consequence of the plunge in prices in 2015 and 2016.

“No member country of OPEC was insulated from the contraction in oil revenues during this cycle.

“This had a severe impact on the resources available to the Government to pursue its laudable development programmes,” he said.

Similarly, he noted that while the 2020-21 recession was also caused by extraneous factors far beyond Nigeria’s borders, the devastating COVID-19 pandemic…



Source: Vanguard Newspaper