Oil price fall costs OPEC $ 1 trillion

Baku. 16 October. REPORT.AZ/ The OPEC countries have lost $ 1 trillion in 2015-2016 due to the fall in oil prices in the world market.

Report informs citing the Vestifinance.ru, OPEC Secretary General Mohammad Barkindo said at the annual oil and gas conference KOGS-2017.

According to M. Barkindo, OPEC countries suffered losses not only due to the loss of oil prices, but also because of reduction of investment in the oil sector. Thus, from 2014, the price of one barrel of oil fell from $ 100 to $ 28 per barrel in February 2015 and investments showed decrease by two times.

Due to the fall in oil prices, many countries economies of which built on oil exports have faced falling incomes and the subsequent budget deficit.To correct the situation, OPEC and several largest oil producers have concluded a deal to cut oil production.