The cost of OPEC member countries exceeded their income for the first time in 18 years

Member States of the Organization of countries-exporters of oil (OPEC) in 2015 was faced with a collective deficit budget for the first time since 1998 amid falling oil prices. It is reported by the Wall Street Journal, citing statistics released by the organization data.

According to the report, OPEC members over the past year showed the total budget deficit of $99,6 billion, compared with a surplus of $238,1 billion in 2014.

The last time OPEC members have experienced cumulative budget deficit in the crisis of 1998, when oil prices fell to about $10 per barrel. In subsequent decades, the prices have risen, except for a brief decline during the crisis in 2008, and by mid-2014 had reached $115 a barrel.

Currently, due to the oversupply of oil reserves oil is trading at around $50 per barrel. As a result, the revenues of OPEC countries from oil exports fell last year by 45.8% ($518,2 billion) compared to 2014. oil revenues last year were the lowest since 2005, according to the statistics.

Most from the fall in oil prices has affected Venezuela, the newspaper notes. According to the world Bank, cramped in means, the country suffers from a shortage of food and medicines, deficiency of the budget of the country is equivalent to about 20% of GDP.

According to the report of the cartel, the total income of OPEC countries from oil exports declined to the lowest since 2005. Last year 13 countries were able to capitalize on the supply $518,216 billion against $956,164 billion a year earlier. The highest in absolute numbers was the fall in revenues the largest members of OPEC – Saudi Arabia ($284,4 billion to $157,9 billion), Kuwait ($97,5 billion to $48.7 billion) and the UAE (from $97.2 billion to $52.4 billion).

Earlier this week, the poorest member of OPEC, Nigeria devalued its currency by a quarter. The Naira’s rate fell 24% after the decision to let it float freely.