OPEC’s 13 members suffered an 18.4% contraction in their oil export revenue in 2019 on slumping prices, the organization’s Annual Statistical Bulletin showed July 13, denting their economies leading into 2020’s COVID-19 crisis and market meltdown. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The value of OPEC petroleum export revenue fell to $564.9 billion in 2019 from $692.3 billion in 2018, the report showed, as anemic demand growth and continued competition from non-OPEC producers impacted the group. The figures demonstrate the financial pain OPEC was already facing even before the coronavirus pandemic wiped out nearly a fifth of global oil demand in the second quarter of 2020. And they highlight the urgency behind the producer […]