The Strategist

OPEC export revenues 2021 grow by 77%

06/30/2022 - 11:21

Oil exports from OPEC members fell to 19.66 million barrels per day in 2021, a 0.2 percent reduction (bpd). According to OPEC's annual statistical bulletin, petroleum product exports increased 15.8% to 4.03 million bpd. The amount that the cartel made from the export of oil and petroleum products increased by 77 percent to $560.6 billion last year.

Presentation of the report took place on the OPEC YouTube channel. According to the group, Saudi Arabia saw the largest gain in oil export revenue, up 1.7 times to $202.166 billion. Additionally, the UAE saw a 1.7-fold increase in oil revenue, to $54.595 billion. Oil sales brought in $79.788 billion for Iraq and $56.545 billion for Kuwait.

The majority of oil produced by OPEC nations was exported to Asia in 2021 (72.4 percent, or 14.24 million bpd). 3.27 million additional bpd were shipped to Europe. Imports of petroleum products from OPEC nations fell by 1% to 1.5 million bpd.

OPEC and the nations taking part in the OPEC+ accord decided to raise production by 648 thousand bpd in June. OPEC will keep up the pace of rising oil output at their upcoming meeting on June 30, according to Reuters.