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OPEC Revenue Soars While Completed Wells Sink

OIL

OPEC petroleum export revenue reached $561 billion in 2021, up 77% from 2020 according to its Annual Statistical Bulletin.

  • The number of active oil rigs in OPEC members rose by 11% to 489 in 2021 versus 2020.
  • The number of completed wells in the group's members declined last year to 1,588, a drop of 280 from 2020 and the lowest since at least 2017.
  • A backdrop of underinvestment and slow field development by OPEC members is one of the key factors why the group is unable to turn up production significantly this year and overcompliance has become common place.

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