The EIA estimated that OPEC members earned about $888 billion in net oil export revenue in 2022.
The data also revealed that OPEC’s 2022 net revenue rose by almost 43 per cent compared with the previous year, when OPEC net oil export revenue totaled an estimated $622 billion and attributed the increase in net export revenue in 2022 to higher crude oil prices, and to a lesser degree to higher petroleum liquids production.
OPEC total oil output rose to nearly 34.2 million barrels per day (b/d), increasing 2.5 million b/d year-on-year.
Data from the fact sheet further revealed that the net oil export revenue of the top five OPEC countries in 2023 and 2024 will remain the same as the income in 2022 and 2021 although there may be slight alterations in the exact figures.
The revenue earned by the OPEC countries increased by around 43 per cent when compared with earnings in 2022.
“The increase in net export revenue in 2022 is mostly attributable to higher crude oil prices, and to a lesser degree to higher petroleum liquids production,” the EIA said.
The latest data comes amid the recent decision by some members of OPEC+, which includes OPEC and allies such as Russia, to voluntarily cut production in April due to the uncertain economic outlook.
Six OPEC members further agreed in May, to reduce production output by a further 1.04 million BPD, a decision which continued through June. The EIA, said the revenue figures for January to May 2023 indicates a huge drop from the $34 billion earned in H1, in 2022.
Other oil-exploring countries like Angola, which is Nigeria’s closest rival in Africa, earned about $12 billion from oil export during the same period, while the highest oil producer in OPEC, Saudi Arabia, generated $97 billion within the same period. The EIA report also reveals that the entire OPEC members earned a combined $888 billion in net oil export revenue in 2022.
