For almost twenty years, the revenues being earned by the Organization of Petroleum Exporting Countries were mainly fuelled by global economic growth. However, this does not hold true anymore.
According to business charts, the year 2013 was the first year after 1993 which depicted that the total crude oil exports of the OPEC was not following the path of the global gross domestic product. It was also observed that the group of countries that were supplying 40% of global oil was generating low average prices and also exported fewer oil barrels on year-on-year basis.
The Annual Statistic Bulletin of OPEC showed that the production of 12 members of the OPEC declined by 2.5% resulting to an average of 31.6 million oil barrels a day in the year 2013.
Due to political unrest at export terminals and at oil fields, Libya’s oil output declined by 31%.
The oil output of Iran also fell by 4.4% and international sanctions are imposed on Iran’s exports. It was observed that the consumption of the OPEC members had also risen by 1% a day.
According to data provided by the ICE Futures Europe exchange, in 2013 the Brent futures’ average prices had fallen by 2.7% which meant USD 108.70 a barrel.
This was the very first annual slump since the next year of the 2009 financial crisis.
The data of the group also depicted that the OPEC crude oil prices had decreased by 3.3%.