OAPEC oil exports income down one third in Q1 2016

Jul 17, 2016 12:00 AM

Crude oil exports of the Organisation of Arab Petroleum Exporting Countries (OAPEC) amounted to US 50.04 billion in the first quarter of 2016, down 24.5 billion over the same periodof 2015.

The OAPEC member states are locked in several economic challenges due to dwindling oil prices that have ledto a drop in oil earnings, thus negatively affecting their public budgets, the pan-Arab organisation said in its monthlybulletin.

The fall in international oil prices have resulted in the cancellation or postponement of capital pojects in some member states which rely heavily on oil revenue as a main source of income and revenue, it said.

The negative impacts of uncontrollably falling oil prices have reached non-oil sectors and, consequently, consumerspending and investment levels, it noted.

However, member states' governments have resorted to a package of economic measures in order toredress budget deficits, including withdrawal of foreign exchange reserves, reduction of public spending,especially capital expenditure, while keeping current spending like salaries intact, the OAPEC bulletin added.

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