RIYADH: The revenue from oil exports of the Organization of the Petroleum Exporting Countries surged 54 percent to $873.57 billion in 2022, compared to $566.44 billion in the previous year.
The rise in revenue in 2022, the highest since 2014, was primarily attributed to the Russian invasion of Ukraine, which spiked oil prices to record levels.
In its Annual Statistical Bulletin, OPEC noted that the global oil demand increased from 97.07 barrels per day in 2021 to 99.56 bpd in 2022.
According to the report, global crude oil production rose by 3.46 million bpd to 72.8 million bpd.
It further pointed out that the output of OPEC and non-OPEC countries increased by 2.53 million bpd and 920,000 bpd in 2022, respectively.
“Energy, as a topic so central to our daily lives, can often elicit strong opinions, which in some cases feed into policy formation. OPEC is focused on ensuring the quality and reliability of data research,” said OPEC Secretary-General Haitham Al-Ghais, in a statement.
The report added that OPEC’s oil exports soared 9 percent in 2022 to 21.39 billion bpd, slightly below the pre-pandemic level.
The energy organization added that Asian countries constituted 7.11 percent of its crude exports last year.
Even though crude oil prices skyrocketed in 2022 due to the tensions in Ukraine, they went down this year, primarily due to a slow economic rebound in China, the world’s second-largest economy and biggest crude importer.
Earlier this month, Saudi Arabia, the world’s top crude exporter, and Russia announced output cuts for August to stabilize the oil market.
The Kingdom announced extending its voluntary output cut of 1 million bpd to August. Russia and Algeria volunteered to lower their August output and export levels by 500,000 bpd and 20,000 bpd, respectively.
Last month, the OPEC+, an alliance comprising 23 oil-producing nations, agreed to stick to its existing output policy until the end of 2024.
According to the latest updates, the group, which currently produces 40 percent of the world’s crude oil, has put a total production curb of 3.66 million bpd, about 3.7 percent of global demand.
