OPEC oil export revenue was highest in almost a decade last year

OPEC oil export revenue was highest in almost a decade last year

OPEC’s petroleum export revenues climbed to the highest in a almost a decade last year, as Russia’s war on Ukraine bolstered crude prices and key members ramped up production.

The 13 nations of the Organization of Petroleum Exporting Countries earned $873.6 billion in 2022, up 54% from the prior year, according to a report from the group’s secretariat on Tuesday. It was their best year since 2014, when the US shale boom ended a period of historically high oil prices.

Crude soared last year as energy flows from Russia, which joined with the cartel in 2016 in a wider network known as OPEC+, were disrupted by international backlash against its military aggression. Brent futures averaged about $99 a barrel, the highest since 2014.