OPEC's Annual Statistical Bulletin showed that OPEC's oil revenues increased significantly last year amid a recovery in demand and a rally in prices after the coronavirus pandemic.
The value of OPEC oil exports increased by 77% compared to 2020, to 561 billion dollars. Meanwhile, the number of operating oil rigs in OPEC member countries increased by 11% in 2021, reaching 489 units, while the number of operating oil rigs in Saudi Arabia - the largest oil exporter in the world - increased by 6 units, to 65 units.
OPEC+ countries 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 this year.
At their last meeting (June 2), OPEC+ members agreed to increase the oil production quota by 648,000 barrels per day in July and August. Initially, it was planned to increase production by 432,000 barrels per day between July and September 2022 in order to compensate for the effect of reduced oil demand during the pandemic. However, Saudi Arabia agreed to increase production volumes in order to avoid a shortage in the market in a situation when a number of countries refused to buy oil from Moscow due to the war in Ukraine.