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 new completed wells declined, data from the
group showed.
The
value of petroleum exports by the 13-member Organization of the Petroleum
Exporting Countries reached US$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.
Well completions dropped in all OPEC members except Libya, Venezuela, Equatorial Guinea, Angola and Iran, according to OPEC’s report. By contrast, the worldwide number of completed wells increased last year.
Source: Reuters