LONDON: OPEC’s oil income surged in 2021 as costs and demand recovered from the worst of the COVID pandemic, whereas the variety of its members’ lively rigs posted a modest rebound and new accomplished wells declined, knowledge from the group confirmed.
The worth 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 printed on Tuesday confirmed.
As OPEC raised output in 2021, the variety of lively oil rigs in OPEC members rose by 11% to 489, a smaller improve than that seen worldwide. Top exporter Saudi Arabia added 6 rigs to 65 in 2021, though the whole was beneath the 2019 stage.
OPEC and its allies, often called OPEC+, have been struggling to spice up output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is among the causes oil costs have soared in 2022.
The variety of accomplished wells – the method of creating a well prepared for manufacturing, one other metric OPEC tracks – in the group’s members declined final yr to 1,588, a drop of 280 from 2020 and the bottom since no less than 2017.
Well completions dropped in all OPEC members besides Libya, Venezuela, Equatorial Guinea, Angola and Iran, in keeping with OPEC’s report. By distinction, the worldwide variety of accomplished wells elevated final yr. – Reuters
