OPEC's net oil export revenue 2019-2023

OPEC's net oil export revenue reached 679.75 billion U.S. dollars in 2023, a decrease from 2022. In 2022, figures reached 828.61 billion U.S. dollars. OPEC stands for the Organization of Petroleum Exporting Countries and includes countries located in Africa, South America, the Middle East, and Southeast Asia. Currently, the organization has 12 member countries.

OPEC oil production

The formation of OPEC marked a shift away from large multinational company market control to a primarily state-based control of natural resources. The supply restrictions that began in 1970 enabled a significant increase in oil prices and thus, OPEC’s revenues. OPEC produces around 40 percent of the world’s total crude oil.

Saudi Arabia is one of the largest oil exporters among the OPEC. The country sells around six million barrels of oil per day overseas. In total, some 19.7 million barrels of oil was exported per day by OPEC regions in 2021.

OPEC crude oil production can strongly impact global oil prices, especially during periods of war or upheaval. Prices of oil are largely affected by basic supply and demand. As of preliminary 2024 figures, the average price of OPEC crude oil was around 80.48 U.S. dollars per barrel. Low oil prices in 2015 and 2016 were due to a wide range of factors including, but not limited to, lower U.S. production, rising Canadian and Iraqi production, and more energy-efficient vehicles. While the drop in 2020 was due to the coronavirus-pandemic.