OPEC members earned about $888 billion in net oil export revenue last year.
That’s what the US Energy Information Administration (EIA) estimates in its latest fact sheet on OPEC earnings, which was last updated this month.
In the fact sheet, the EIA noted that OPEC’s net revenue in 2022 was up nearly 43 percent compared to the previous year, “when OPEC’s net oil export revenue rose to about $622 billion ($reals)”.
“The increase in net export earnings in 2022 is primarily driven by higher crude oil prices and, to a lesser extent, higher petroleum liquids production,” the EIA said in the fact sheet.
Total OPEC oil production rose to 34.2 million barrels per day in 2022 and rose by 2.5 million barrels per day year over year, the EIA said in the fact sheet.
According to the paper, Saudi Arabia had the highest net oil export earnings among OPEC members last year, at $311 billion. The fact sheet ranked Iraq second with $131 billion, the United Arab Emirates third with $119 billion, Kuwait fourth with $98 billion, and Iran fifth with 54 billion dollars.
The EIA fact sheet highlighted that Saudi Arabia also had the highest net oil export earnings in 2021 at $206 billion. Iraq was second with $92 billion, the United Arab Emirates was third with $82 billion, Kuwait was fourth with $68 billion, and Iran was fifth with $40,000 billion by 2021, according to the fact sheet.
Looking to 2023, the fact sheet projects OPEC’s net oil export earnings to fall to $656 billion.
“This decrease is attributable to lower OPEC production as a result of the extension of the OPEC+ agreement, along with a decrease in crude oil prices,” the EIA states in the fact sheet.
“We expect total OPEC oil liquids production to decline to 33.5 million barrels per day in 2023, while the forecast Brent spot price will fall from $101 per barrel in 2022 to $80 per barrel” , the EIA added.
The organization forecast that OPEC’s net oil export earnings will increase in 2024.
“Coupled with a projected increase in OPEC production in 2024, based on the June 2023 STEO, we expect OPEC’s net export earnings to increase to $682 billion ($ reals),” the EIA said in the paper.
“We forecast global crude oil prices to rise in 2024, reflecting global oil inventories declining in each of the next five quarters,” the EIA added.
According to the fact sheet, OPEC’s top five countries in terms of net oil export revenue will remain the same as in 2022 and 2021 in both 2023 and 2024, although the exact numbers will change.
The fact sheet shows that Saudi Arabia’s net oil export earnings will reach $215 billion in 2023 and $223 billion in 2024, Iraq’s net oil export earnings at 96,000 billion in 2023 and $103 billion in 2024, the UAE’s net oil export earnings at $290.203 billion. and $92 billion in 2024, Kuwait’s net oil export earnings of $74 billion in 2023 and $77 billion in 2024, and Iran’s net oil export earnings of $44 billion this year and $48 billion next year.
In its latest Short-Term Energy Outlook (STEO), which was released in June, the EIA projects OPEC oil and other liquids production to be 33.51 million barrels per day in 2023 and 33 .84 million barrels per day in 2024. Production of OPEC oil and other liquids was 34.17 million barrels per day in 2022, the report revealed.
The EIA’s latest STEO projects the Brent spot price to average $79.54 per barrel this year and $83.51 per barrel in 2024 and the West Texas Intermediate (WTI) spot price to average of $74.60 per barrel in 2023 and $78.51 per barrel in 2024. per barrel and the WTI spot price averaged $94.91 per barrel last year, noted the latest STEO of the EIA.
In its previous STEO, released in May, the EIA projected OPEC oil and other liquids production to be 33.76 million barrels per day in 2023 and 34.45 million barrels per day in 2024. In this STEO, the EIA projected that the Brent spot price would average $78.65 per barrel in 2023 and $74.47 per barrel in 2024 and that the WTI spot price would average $73.62 per barrel this year and $69.47 per barrel next year.
To contact the author, please send an email andreas.exarcheas@rigzone.com
