OPEC members earned about $888 billion in internet oil export income final yr.
That’s what the U.S. Power Data Administration (EIA) estimates in its newest OPEC Revenues Truth Sheet, which was final up to date this month.
Within the reality sheet, the EIA famous that OPEC’s 2022 internet income rose almost 43 p.c in contrast with the earlier yr, “when OPEC internet oil export income totaled an estimated $622 billion (actual $)”.
“The rise in internet export income in 2022 is generally attributable to greater crude oil costs, and to a lesser diploma to greater petroleum liquids manufacturing,” the EIA stated within the reality sheet.
OPEC complete oil output rose to just about 34.2 million barrels per day in 2022 and elevated by 2.5 million barrels per day yr on yr, the EIA outlined within the reality sheet.
In accordance with the sheet, Saudi Arabia had the best internet oil export income amongst OPEC members final yr at $311 billion. The very fact sheet positioned Iraq in second, with $131 billion, the United Arab Emirates in third, with $119 billion, Kuwait in fourth, with $98 billion, and Iran in fifth, with $54 billion.
The EIA reality sheet highlighted that Saudi Arabia additionally had the best internet oil export income in 2021 at $206 billion. Iraq was second, with $92 billion, the UAE was third, with $82 billion, Kuwait was fourth, with $68 billion, and Iran was fifth, with $40 billion, in 2021, the actual fact sheet outlined.
Taking a look at 2023, the actual fact sheet projected that OPEC internet oil export income will fall to $656 billion.
“This lower is attributable to decrease OPEC manufacturing because of the extension of the OPEC+ settlement, together with a lower in crude oil costs,” the EIA said within the reality sheet.
“We anticipate OPEC complete oil liquids manufacturing to lower to 33.5 million barrels per day in 2023, whereas the forecast Brent spot value will fall from $101 per barrel in 2022 to $80 per barrel,” the EIA added.
The group projected that OPEC internet oil export income will go on to extend in 2024.
“In tandem with a forecast improve in OPEC output in 2024, based mostly on the June 2023 STEO, we anticipate that OPEC internet export income will rise to $682 billion (actual $),” the EIA said within the sheet.
“We forecast that international crude oil costs will improve in 2024, reflecting international oil inventories that can lower in every of the subsequent 5 quarters,” the EIA added.
In accordance with the actual fact sheet, the highest 5 OPEC nations when it comes to internet oil export income will stay the identical as 2022 and 2021 in each 2023 and 2024, though the precise figures will alter.
The very fact sheet sees Saudi Arabia’s internet oil export income coming in at $215 billion in 2023 and $223 billion in 2024, Iraq’s internet oil export income at $96 billion in 2023 and $103 billion in 2024, the UAE’s internet oil export income at $91 billion in 2023 and $92 billion in 2024, Kuwait’s internet oil export income at $74 billion in 2023 and $77 billion in 2024, and Iran’s internet oil export income at $44 billion this yr and $48 billion subsequent yr.
In its newest brief time period power outlook (STEO), which was launched in June, the EIA tasks that OPEC manufacturing of petroleum and different liquids can be 33.51 million barrels per day in 2023 and 33.84 million barrels per day in 2024. OPEC manufacturing of petroleum and different liquids was 34.17 million barrels per day in 2022, the report revealed.
The EIA’s newest STEO sees the Brent spot value averaging $79.54 per barrel this yr and $83.51 per barrel in 2024 and the West Texas Intermediate (WTI) spot value averaging $74.60 per barrel in 2023 and $78.51 per barrel in 2024. The Brent spot value averaged $100.94 per barrel and the WTI spot value averaged $94.91 per barrel las yr, the EIA’s newest STEO highlighted.
In its earlier STEO, which was launched in Could, the EIA projected that OPEC manufacturing of petroleum and different liquids could be 33.76 million barrels per day in 2023 and 34.45 million barrels per day in 2024. In that STEO, the EIA projected that the Brent spot value would common $78.65 per barrel in 2023 and $74.47 per barrel in 2024 and that the WTI spot value would common $73.62 per barrel this yr and $69.47 per barrel subsequent yr.
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