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 the Russia-Ukraine conflict bolstered crude prices and key members ramped up production. The 13 nations of the Organization of Petroleum Exporting Countries earned $873.6bn in 2022, up 54 per cent 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. Meanwhile, OPEC nations such as and the UAE opened the taps to satisfy the post-pandemic recovery in fuel demand. The combination of surging prices and increased output pushed up earnings for the entire group. The basket of crude grades typically sold by averaged just over $100 a barrel in 2022, while estimates show that crude production from its 13 states was roughly 29.2 million barrels a day. The figures for petroleum revenue also include sales of refined