OPEC Boosts Oil Income in 2021, Well Completions Drop

OPEC raised oil output in 2021 but saw the number of active oil wells increase only slightly and the number of new completed wells decline, a factor in surging oil prices in 2022.

Alex Lawler, Reuters

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

The value of petroleum exports by the 13-member OPEC reached $561 billion in 2021, up 77% from 2020, OPEC's Annual Statistical Bulletin published on June 28 showed.

As OPEC raised output in 2021, the number of active oil rigs in OPEC members rose by 11% to 489, a smaller increase than that seen worldwide. Top exporter Saudi Arabia added six rigs to 65 in 2021, although the total was below the 2019 level.

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