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OPEC countries’ exports revenues in 2023 to fall by 18% to around $680 bln

The physical volume of oil exports by OPEC countries in 2023 decreased by 5% to 19.31 mln barrels per day

MOSCOW, July 3, /TASS/. Revenue from oil sales of OPEC countries at the end of 2023 decreased by 18% to $679.746 bln, according to the annual statistical bulletin of the organization.

Equatorial Guinea's revenues fell the most - by 44% to $1.745 bln. Saudi Arabia's revenues fell by almost a quarter compared to the previous year - by 24% to $248.376 bln.

The physical volume of oil exports by OPEC countries in 2023 decreased by 5% to 19.31 mln barrels per day (bpd). OPEC's share of global oil supply in 2023 was 44.96%, which is slightly lower than in 2022 (46.69%).

More than 50% of the total volume of oil supplies by the Organization's countries went to Asia, with almost half of this volume coming from China - 24.29%. The share of oil exports to Europe reached 18%.

Proven oil reserves of OPEC countries in 2023 increased by 0.08% to 1.241 trillion barrels, which is 79% of global reserves.

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