OPEC's oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members' active rigs posted a modest rebound and newly completed wells declined, data from the group showed, APA reports citing Reuters.
The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached $561 billion in 2021, up 77% from 2020, OPEC's Annual Statistical Bulletin published on Tuesday showed.
As OPEC raised output in 2021, the number of active oil rigs in OPEC members rose by 11% to 489, a smaller increase than that seen worldwide. Top exporter Saudi Arabia added 6 rigs to 65 in 2021, although the total was below the 2019 level.
OPEC and its allies, known as OPEC+, have been struggling to boost output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is one of the reasons oil prices have soared in 2022.
LONDON, June 28 (Reuters) - OPEC's oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members' active rigs posted a modest rebound and newly completed wells declined, data from the group showed.
The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached $561 billion in 2021, up 77% from 2020, OPEC's Annual Statistical Bulletin published on Tuesday showed.
As OPEC raised output in 2021, the number of active oil rigs in OPEC members rose by 11% to 489, a smaller increase than that seen worldwide. Top exporter Saudi Arabia added 6 rigs to 65 in 2021, although the total was below the 2019 level.
OPEC and its allies, known as OPEC+, have been struggling to boost output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is one of the reasons oil prices have soared in 2022.
The number of completed wells - the process of making a well ready for production, another metric OPEC tracks - in the group's members declined last year to 1,588, a drop of 280 from 2020 and the lowest since at least 2017.
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