June 7, 2018 / 11:48 AM / 2 months ago

Value of OPEC petroleum exports jumps in 2017 after oil supply cut

LONDON, June 7 (Reuters) - The value of OPEC members’ petroleum exports rose 28 percent in 2017, according to its annual statistical report, illustrating that its return to managing the oil market by cutting supplies boosted producers’ income.

Exports from the Organization of the Petroleum Exporting Countries rose in value to $578.30 billion last year from $451.80 billion in 2016, according to OPEC’s Annual Statistical Bulletin 2018 issued on Thursday.

The increase came in response to higher oil prices following OPEC’s decision to manage supply after maximising output in favour of defending market share between 2014 and 2016 during which the value of oil exports fell.

OPEC is reducing output by about 1.2 million barrels per day (bpd) as part of a deal with Russia and other non-OPEC producers to get rid of excess supply. The deal began in January 2017 and runs until the end of 2018.

The petroleum export data includes some refined fuel and light oil condensate as well as crude oil. (Reporting by Alex Lawler; Editing by Adrian Croft)

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