OAPEC says member countries crude exports decline 33% in Q1
Mubasher: Organization of Arab Petroleum Exporting Countries (OAPEC) stated, In its monthly market report, that crude oil exports of the member countries declined 33% equivalent to $24.5 billion.
The crude exports’ value of member countries recorded around $50.4 billion in the first quarter of 2016, down from $74.9 billion for the same period of the previous year.
The effect of the negative impacts stemmed from deterioration of the oil exports’ value extended to the non-oil sectors as well, said the report. The spending, consuming and investment trends were also affected.
The slump of oil prices result in either cancelling or postponing number of capital projects at member countries that depend on oil as major income resource, noted the report.
The member countries resorted to applying number of measures to handle the budget deficit , added the report.