OPEC members' net oil export earnings to hit $907 billion this year

According to a report by the US Drilling website on August 23, 2022, the net oil export revenue of OPEC members reached $570 billion last year

That was the estimate by the U.

"Last year's increase in OPEC members' net oil export earnings can be attributed to higher OPEC production and higher crude oil prices,

The EIA added in the new fact sheet: “Last year, OPEC increased crude oil production as a result of increased OPEC+ production targets; total crude oil production by all OPEC members increased to 31.

The EIA continued: “The increase in global crude oil consumption last year was due to increased economic activity as the global economy began to return to pre-pandemic conditions

In the new fact sheet, the EIA estimated Saudi Arabia's net oil export earnings at $184 billion last year, the highest of any OPEC member

Looking ahead to 2022, the EIA forecasts that OPEC's net oil export revenue will increase to $907 billion

In 2023, the EIA expects OPEC's net oil export earnings to fall to $835 billion

"We forecast a decline in global crude oil prices next year, reflecting global oil inventories that began to build in the second quarter of this year and will continue to build up through much of 2023," the new fact sheet said

Saudi Arabia's net oil export revenue is forecast to reach $266 billion in 2023, ranking first in the world, followed by Iraq and the United Arab Emirates with $120 billion each

At its most recent meeting, OPEC+ decided to increase crude oil production by 100,000 barrels per day in September