OPEC revenues from exports of oil & oil products in 2021 grows 77%

Oil exports by OPEC countries in 2021 decreased by 0.2%, to 19.66 million barrels per day, Report informs.

The daily export of petroleum products increased by 15.8% to 4.03 million barrels.

OPEC’s revenues from the export of oil and petroleum products increased by 77% last year, to $560.6 billion.

The organization reported that Saudi Arabia increased its revenue from oil exports the most - by 1.7 times, to $202.166 billion. The UAE’s oil revenues also increased 1.7 times to $54.595 billion. Iraq received $79.788 billion from the sale of oil, and Kuwait $56.545 billion.

In 2021, most of the oil from the OPEC countries was exported to Asia - 72.4% or 14.24 million bpd. Another 3.27 million b/d was delivered to Europe. Imports of petroleum products by OPEC countries decreased by 1% to 1.5 million b/d.

In June, OPEC and countries participating in the OPEC+ agreement agreed to increase production by 648,000 barrels per day. At the next meeting, scheduled for June 30, OPEC will maintain the pace of increasing oil production.