OPEC boosts oil income in 2021, well completions drop

File pic - Reuters

LONDON: 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 Organization of the Petroleum Exporting Countries reached $561 billion in 2021, up 77% from 2020, OPEC's Annual Statistical Bulletin published on Tuesday 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 6 rigs to 65 in 2021, although the total was below the 2019 level.

OPEC and its allies, known as OPEC+, have been struggling to boost output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is one of the reasons oil prices have soared in 2022.

The number of completed wells - the process of making a well ready for production, another metric OPEC tracks - in the group's members declined last year to 1,588, a drop of 280 from 2020 and the lowest since at least 2017.

Well completions dropped in all OPEC members except Libya, Venezuela, Equatorial Guinea, Angola and Iran, according to OPEC's report. By contrast, the worldwide number of completed wells increased last year. - Reuters

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Opec , crude oil , oil rigs , Saudi Arabia


Next In Business News

Tenaga plans US$1bil IPO for power business, sources say
Construction industry players appeal government to review industry regulations
Ringgit ends higher against US dollar for fourth consecutive day
Tan Chong gets 4-year extension for its solar project PPA
Heineken Malaysia reports three-fold increase in 2Q net profit
Tengku Zafrul: Google Cloud will enable Malaysia to move forward digitally
Bursa Malaysia advances on better-than-expected GDP
Core inflation forecast at upper range of 2% to 3% in 2022
Indonesia rupiah hits two-month high among mixed Asian FX
Asian stocks fall on nagging Fed rate hike worries

Others Also Read