OPEC 1991 RESULTS REFLECT HARD TIMES

Low crude oil prices and economic tough times in industrial countries caused a lean 1991 for members of the Organization of Petroleum Exporting Countries. OPEC's 1991 annual report said member countries reported an overall loss of $12 billion in 1991 on oil revenues that fell 16.2%. Iraq and Kuwait were not included because of their unusual circumstances in the wake of the Persian Gulf war. Reduced oil revenues reflected a slide to $18.66/bbl in 1991 from $22.26/bbl in 1990 for the average

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