OPEC held oil revenues stable in the first quarter compared with the equivalent figure last year, at $59 billion, by balancing a fall of oil prices with an increase of exports, the weekly publication Petrostrategies said on Monday, April 23. It said the export revenues of the 11 members of the Organization of Petroleum Exporting Countries had shown "remarkable stability" in the first quarter, increasing 0.2 percent by $93 million over the same period last year.
It said the weighted average price—of $26.04 a baril—of crude oil exported by OPEC had dropped by 7.1 percent against 2000. However the impact on revenues was neutralzsed by a 6.55 percent increase in exports of liquid hydrocarbons to 26.84 million barils a day.
It said some OPEC countries, however, fared better than others. While Algeria and Qatar increased their oil revenues by seven and 5.5 percent respectively, Iraq, which voluntarily reduced the amount of oil sold under the "oil for food" programme, saw a drop of 20 percent. Indonesia, which was restrained from exporting because of a ceiling on production at a time its domestic consumption is strong, saw a 7.3 percent decrease in the first quarter revenies.
Venezuela's revenues also fell 2.7 percent, due to a three-dollar-per-baril drop in the price of its crude in January-March, almost twice the OPEC average. —(AFP)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)