The US Energy Information Administration (EIA)highlighted that Opec’s export revenue surged by nearly 43% in 2022 due to the Russian-Ukrainian war, which resulted in higher crude prices.
Last year, the group’s net oil export revenue increased to $888 billion from $622 billion in 2021, according to the statistical arm of the US Department of Energy.
“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.
Brent hiked to nearly $140 a barrel after Moscow’s military offensive against Ukraine began in February 2022.
The international benchmark has since given all up on its gains and is now trading below $80 a barrel as Russian crude supply remains steady and economic slowdown concerns weigh on investor sentiment.
Opec’s total oil output jumped to nearly 34.2 million barrels per day last year, higher by 2.5 million bpd than in 2021.
Top crude exporter Saudi Arabia’s export revenue hit $311 billion in 2022, marking more than a third of the group’s total revenue.
The EIA indicated that export revenues of Iran and Venezuela, who are exempt from Opec+ production quotas, rose on a yearly basis by $15 billion and $2 billion, respectively.
Meanwhile, EIA projects that Opec’s net oil revenue will decline to $656 billion in 2023, largely due to Opec+ production cuts and lower crude prices. It added that the group’s total production is forecast to drop to 33.5 million bpd as Brent crude averages $80 a barrel.
