17.06.2016 - OPEC's Chasm of Doom
OPEC's members are divided by many things: language; size; politics; sometimes outright war.And money. Don't forget money.If you want to understand why OPEC has responded to its current crisis with all the cohesion of cat herding, some numbers in the Energy Information Administration's "OPEC Revenue Fact Sheet," published on Tuesday, provide some important clues. First up, estimated revenue, adjusted for inflation: OPEC's real net oil export revenue is expected to be the lowest since 2003. The estimate for this year, $337 billion in real terms, is barely a third of 2012's peak -- and, uncannily, exactly the same as the consensus forecast for the combined revenue of Exxon Mobil and Chevron in 2016...............................................Full Article: Source
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