OPEC revenue surges 77% to $561 billion in 2021

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OPEC revenue surges 77% to $561 billion in 2021

OPEC's oil revenue surged in 2021, as prices and demand recovered from the worst of the COVID pandemic, while the number of active rigs posted a rebound and new completed wells declined, according to data from the group.

The value of petroleum exports by the 13 member Organization of the Petroleum Exporting Countries reached $561 billion in 2021, up 77% from 2020, according to the OPEC's Annual Statistical Bulletin on Tuesday.

In 2021, the number of active oil rigs in OPEC members increased by 11% to 489, a smaller increase than in 2021, as OPEC raised output. Saudi Arabia added 6 rigs to 65 in 2021, although the total was below the 2019 level.

OPEC and its allies, known as OPEC, have struggled to boost output in line with targets, due to under-investment by some members in drilling and exploration. Oil prices have gone up in 2022 because of the shortfall.

The number of completed wells - the process of making a well ready for production, another metric OPEC tracks - declined last year to 1,588, a drop of 280 from 2020 and the lowest since at least 2017 in the group's members.

Well completions in all OPEC members except Libya, Venezuela, Equatorial Guinea, Angola and Iran fell, according to the report by the Organization of the Petroleum Exporting Countries. The number of completed wells increased last year.