Commodities and Futures News

OPEC boosts oil income in 2021, well completions drop

2022.06.28 11:21

OPEC boosts oil income in 2021, well completions drop

OPEC boosts oil income in 2021, well completions drop – Budrigannews.com

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.

 

OPEC boosts oil income in 2021, well completions drop

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,394.47 0.55%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,900.64 7.71%
tether
Tether (USDT) $ 1.00 0.11%
solana
Solana (SOL) $ 196.96 5.02%
bnb
BNB (BNB) $ 601.28 2.21%
usd-coin
USDC (USDC) $ 0.999292 0.02%
xrp
XRP (XRP) $ 0.556952 2.93%
staked-ether
Lido Staked Ether (STETH) $ 2,901.58 7.80%
dogecoin
Dogecoin (DOGE) $ 0.192505 1.32%
cardano
Cardano (ADA) $ 0.397196 10.95%
tron
TRON (TRX) $ 0.160645 1.29%
the-open-network
Toncoin (TON) $ 4.96 4.79%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,417.63 7.38%
avalanche-2
Avalanche (AVAX) $ 27.63 4.05%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 0.75%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,266.43 0.57%
weth
WETH (WETH) $ 2,903.03 7.66%
chainlink
Chainlink (LINK) $ 12.64 5.33%
bitcoin-cash
Bitcoin Cash (BCH) $ 385.12 2.78%
sui
Sui (SUI) $ 2.31 1.05%
polkadot
Polkadot (DOT) $ 4.16 2.24%
leo-token
LEO Token (LEO) $ 6.25 0.18%
usds
USDS (USDS) $ 0.998899 0.15%
uniswap
Uniswap (UNI) $ 9.03 3.47%
litecoin
Litecoin (LTC) $ 72.06 2.45%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,050.31 7.81%
near
NEAR Protocol (NEAR) $ 4.27 2.09%
aptos
Aptos (APT) $ 9.82 4.30%
pepe
Pepe (PEPE) $ 0.000011 14.47%
bittensor
Bittensor (TAO) $ 516.49 1.10%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 0.84%
internet-computer
Internet Computer (ICP) $ 7.84 1.10%
dai
Dai (DAI) $ 0.99899 0.05%
monero
Monero (XMR) $ 165.62 1.67%
stellar
Stellar (XLM) $ 0.101895 5.66%
ethereum-classic
Ethereum Classic (ETC) $ 20.24 4.92%
kaspa
Kaspa (KAS) $ 0.117046 2.03%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
whitebit
WhiteBIT Coin (WBT) $ 19.66 1.60%
aave
Aave (AAVE) $ 184.05 8.06%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.348553 5.20%
blockstack
Stacks (STX) $ 1.69 0.81%
crypto-com-chain
Cronos (CRO) $ 0.093579 10.40%
okb
OKB (OKB) $ 40.20 2.25%
dogwifcoin
dogwifhat (WIF) $ 2.38 0.42%
mantle
Mantle (MNT) $ 0.697499 17.70%
first-digital-usd
First Digital USD (FDUSD) $ 0.998868 0.04%
arbitrum
Arbitrum (ARB) $ 0.584825 8.53%
filecoin
Filecoin (FIL) $ 3.79 3.52%