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OPEC revenues from oil sales up 1.7-fold to $560.6 bln in 2021

The proven oil reserves of OPEC countries in 2021 decreased by 0.04%

MOSCOW, June 28. /TASS/. In 2021, revenues from the sale of oil from 13 OPEC countries rose 1.7-fold compared to 2020 from $317.35 bln to $560.6 bln, the organization reported on Tuesday.

Saudi Arabia, the largest OPEC oil producer, increased its oil export revenue 1.7-fold to $202.166 bln, which was the highest figure among the countries of the organization. The oil revenues of the UAE also increased 1.7-fold to $54.595 bln. Iraq increased its revenues from the sale of oil 1.8-fold to $79.788 bln, Kuwait - 1.6-fold to $56.545 bln.

At the same time, the physical volume of oil exports by OPEC countries decreased by 0.2% to 19.66 mln barrels per day. Almost 73%, or 14.24 mln barrels per day, of the total volume of oil supplies by the countries of the organization fell on the Asian direction. The volume of oil exports to Europe amounted to around 3.27 mln barrels per day, almost 17% of the total supply volume.

The proven oil reserves of OPEC countries in 2021 decreased by 0.04% to 1.242 trillion barrels, or 80.4% of global reserves. Meanwhile, world oil reserves remained at the level of 1.545 trillion barrels.

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