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Petroleum exports from the Organization of the Petroleum Exporting Countries (OPEC) rose a whopping 77% in 2021 to stand at $561 billion compared to $317 billion in 2020, the latest annual statistical bulleting (ASB) of the 13-member group showed.

The value of exports, however, was little lower than $562 billion recorded in the pre-pandemic year of 2019 and over 18% lower than $687 billion recorded in 2018. In 2017, OPEC members exported petroleum products worth $532 billion.

All member countries improved their value of exports in 2021 compared with 2020. Leading the pack, Saudi Arabia had the largest share of exports in 2021 at $202 billion, up from $119 billion a year ago. Iraq, the second-largest exporter among OPEC members, exported petroleum products worts $80 billion in 2021 compared with $44 billion a year earlier. Gabon exported the least at $5 billion.

Crude oil production by OPEC members rose 2.7% to 26.36 million barrels per day in 2021 compared with 25.65 million barrels per day in 2020.

However, the production was lower by 10% compared with 2019.

The number of wells completed or ready for production during the year stood at 1,588, down from 1,868 in 2020. The members added 47 active rigs during the year to take the tally to 489, much lower than 721 rigs that were active on 2019.

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Author: Howard Caldwell