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Commodities Briefing - Categorized | Oil, Trading more

OPEC’s oil exports revenue breaks record

Posted on 30 July 2013

Revenue from petroleum exports in the Organization of the Petroleum Exporting Countries broke a new record in 2012 but the earnings of some members are declining amid higher budgetary needs, underscoring a deepening rift between producers benefiting from higher oil prices and those who don’t.
Mounting inequalities within OPEC come ahead of an expected debate later this year over whether it should formally cut its production for the first time in five years. In its annual statistical report, OPEC said its oil exports revenue, which include crude, natural-gas liquids and products, rose by 9.2% to $1.261 trillion in 2012, compared to a previous record of $1.155 trillion the previous year…………………………………Full Article: Source


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