OPEC achieves significant revenues from oil exports amid global demand growth
(MENAFN) In 2023, the Organization of the petroleum Exporting Countries (OPEC) recorded oil export revenues totaling USD679.75 billion, representing 46.50 percent of the total exports of its member states. This data, detailed in the 2023 Annual Statistical Bulletin, underscores the significant economic reliance on oil exports within the OPEC framework.
The global demand for oil exhibited notable growth, increasing by 2.56 million barrels per day (bpd) or 2.6 percent year-on-year, reaching an average of 102.21 million bpd. This surpasses pre-pandemic levels, reflecting a resurgence in global economic activities and energy consumption. Concurrently, total global crude oil production also rose, increasing by 420,000 bpd to an average of 73.24 million bpd. This marks the third consecutive annual increase in global oil production, underlining efforts to meet rising demand.
Furthermore, global refining capacity expanded by approximately 1.5 million bpd to reach 102.92 million bpd. This increase in refining capacity reflects ongoing investments in infrastructure to process crude oil into refined products for various industries and consumer markets worldwide.
Despite the overall growth in global oil production and refining capacity, OPEC's crude oil exports averaged 19.71 million bpd in 2023, marking a decrease of about 600,000 bpd or 2.9 percent year-on-year. Asia emerged as the largest market for OPEC exports, accounting for 71.6 percent of total exports, equivalent to 14.10 million bpd. This regional concentration highlights Asia's critical role in global oil consumption and trade dynamics.
Looking at global reserves, proven crude oil reserves worldwide reached 1.57 trillion barrels by the end of 2023, representing a marginal increase of 6 billion barrels or 0.4 percent compared to 2022 levels. OPEC member countries contributed significantly to these reserves, accounting for 79.1 percent of the total reserves. Notably, Venezuela and Saudi Arabia held the largest shares within OPEC, underlining their pivotal roles as major holders of global crude oil reserves.
In summary, OPEC's 2023 Annual Statistical Bulletin provides insights into the organization's substantial oil export revenues, global oil demand growth, production trends, refining capacity expansion, and the distribution of proven reserves across its member states, reflecting ongoing dynamics and challenges within the global oil market.
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