The Organization of the Petroleum Exporting Countries (OPEC) said its oil revenue fell 18% last year, constrained by lower oil prices and the group's implementation of new production cuts to balance the global market. OPEC said in its annual statistical bulletin on Tuesday that oil export revenues fell by $148.9 billion to $679.7 billion in 2023 after a surge in 2022. Saudi Arabia, which shouldered most of the additional supply restrictions, saw its revenue fall 24% to $248.4 billion. Equatorial Guinea had the biggest drop in revenue, with a sharp drop in production causing its revenue to fall 44%. Brent crude futures fell 17% to an average of about $82 a barrel in 2023.