OPEC posts first collective deficit in 18 years

by | June 23, 2016 11:37 am

The Organization of the Petroleum Exporting Countries (OPEC) has reported a current account deficit of $99.6 billion last year compared to a $238.1 billion surplus in 2014. This is the first time since 1998 the cartel has shown a collective budget deficit. The negative effect of the 1998 financial crisis on Asian economies and competition…

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