No. 07



OPEC Oil Revenue Falls By Over 33% In 1998

The value of oil exports by the 11 OPEC member countries in 1998 fell by a massive 33.65% to $110.14bn in 1998 as compared to $165.988bn in 1997, despite an increase in total production of 2,380,400 b/d, or 9.4%, from an average of 25,431,880 b/d in 1997 to 27,812,200 b/d in 1998, according to the 1998 OPEC Annual Statistical Bulletin, which has just been released. The bulk of the increase in production came from...