OPEC Petroleum Export Revenue Down By Nearly Half In 2015

The Organization of the Petroleum Exporting Countries saw petroleum-export revenues fall nearly 46% in 2015, compared with the year before, to $518.2 billion, according to OPEC’s Annual Statistical Bulletin released Wednesday. That was the lowest level since 2005. Total OPEC crude-oil exports, meanwhile, stood at 23.6 million barrels a day last year, up 1.7% from 2014, with nearly 62% of OPEC's oil exported to the Asia Pacific region, the report said. World oil demand rose by 1.7% to 93 million barrels a day, with the largest increases taking place in Asia Pacific countries such as India and China. August Brent crude [uk:lcoq6] settled at $49.88 a barrel on London's ICE Futures, down 74 cents, or 1.5%. August West Texas Intermediate crude fell 72 cents, or 1.4%, to end at $49.13 a barrel on the New York Mercantile Exchange.