Value Of OPEC’s Oil Exports Plunged By $240 Billion In 2020

The value of petroleum exports of OPEC members plummeted by over $240 billion last year due to the collapse in demand and prices in the pandemic, figures from the cartel’s Annual Statistical Bulletin showed on Thursday. The value of OPEC’s total petroleum exports plunged to $321 billion in 2020, compared to $562 billion in 2019, according to the data released today. Last year, oil demand slumped in the pandemic, and so did oil prices, exacerbated by the fact that OPEC and its key partner in the OPEC+ deal, Russia, failed in March 2020…