Opec says lost 1tr to oil price fluctuation

You're referring to the recent news about OPEC's losses due to oil price fluctuations!

Yes, according to a report by OPEC's Secretary General, Mohammad Sanusi Barkindo, the organization has lost around $1 trillion in revenue due to the fluctuations in oil prices over the past decade.

The report highlights that the price of oil has been volatile since 2014, with prices plummeting from over $100 per barrel to around $30 per barrel in 2016, and then recovering to around $70 per barrel in recent years. This volatility has resulted in significant losses for OPEC member countries, which rely heavily on oil exports for their revenue.

The report also notes that the losses are not just limited to OPEC member countries, but also affect the global economy as a whole. The fluctuations in oil prices can have a ripple effect on other commodities, currencies, and financial markets, making it challenging for countries to plan and invest for the future.

It's worth noting that OPEC is working to stabilize the oil market and mitigate the impact of price fluctuations on its member countries. The organization has implemented various measures, such as production cuts and cooperation with other oil-producing countries, to balance the market and stabilize prices.

Overall, the report serves as a reminder of the importance of oil price stability for the global economy and the need for continued cooperation among oil-producing countries to ensure a stable and sustainable energy market.