Financial and Banking News


BIS Detects Narrowing OPEC Deficit 

The combined current account deficit of the OPEC countries narrowed from $21bn in 1983 to $10bn in 1984, according to the annual report of the Basle-based Bank for International Settlements (BIS). The report noted that OPEC's value of exports shrank for the fourth successive year, from a peak of $300bn in 1980 to only $173bn in 1984. This decline came despite a 1.5% increase in oil consumption in...