23 Aug 2022 , 01:29 PM
EIA stated in a latest update that OPECs 2021 net revenue is a 78% increase from 2020, when OPEC net oil export revenue totaled an estimated $320 billion, which was the lowest revenue since 2003. The increase in net export revenue in 2021 can be attributed to a combination of increased OPEC production and higher crude oil prices during the year. In 2021, OPEC increased production as OPEC+ production targets rose; total liquids production among all OPEC producers rose to 31.7 million barrels per day (b/d) in 2021 from 30.7 million b/d in 2020. Crude oil prices also rose as global oil consumption outpaced oil production, resulting in persistent withdrawals from global oil inventories. The increase in oil consumption in 2021 occurred as economic activity increased and the global economy began to return to pre-COVID-19 conditions. Iran, Libya, and Venezuela, which are OPEC members that are not subject to the OPEC+ production targets, also increased their total liquids production in 2021. Using standard oil price benchmarks, this resulted in estimated net export revenues rising by $23 billion in Iran, $22 billion in Libya, and $5 billion in Venezuela year over year. However, these estimates do not take into account possible changes to discounts that Iran and Venezuela offered to their buyers. Saudi Arabia produces the most crude oil among OPEC members, and it accounted for the largest share of OPEC total revenue in 2021. We estimate that Saudi Arabias net export revenue was $184 billion, which accounted for more than one-third of all OPEC oil revenue in 2021. From 2020 to 2021, OPECs Reference Basket price increased by 70%. EIA noted that OPEC net oil revenue will increase to $907 billion in 2022. This increase is attributable to an increase in crude oil and other liquids production by OPEC along with an increase in crude oil prices. On a per capita basis, OPEC net oil export revenue rose from $634 in 2020 to $1,104 in 2021. EIA forecast that 2022 per capita revenue will reach $1,725 and that 2023 per capita revenue will decrease to $1,556.Powered by Commodity Insights
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.