OPEC Lost $1 Trillion In The 2015 Oil Price Crash ...Middle East

The members of the Organization of Petroleum Exporting Countries lost a collective $1 trillion in foregone revenues during the last crisis in 2015 and 2016, the cartel’s secretary-general said at the Fourth International Petroleum Summit in Nigeria. With the Covid-19 crisis hitting the oil industry a lot harder than the 2014-2016 crisis, chances are the losses that OPEC producers suffered last year would be even greater than $1 trillion, but these are still being calculated. “In OPEC, we were stunned by things happening that we never…

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