The Organization of Oil Exporting Countries (OPEC) has lost $1 trillion since the price of crude oil crashed from over $100 per barrel in mid 2014 to as low as $29 per barrel in 2015. Mohammed Sanusi Barkindo, who is the secretary general of OPEC, stated this Monday when he visited Ibe Kachikwu, the minister of state of for Petroleum and commended his measures to solve Nigeria’s longstanding challenges with joint venture cash-call obligations.The OPEC scribe, added that these losses were in terms of deferred and outright cancellations of projects across its entire value chain.
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