OPEC's net oil export revenue was forecast to reach 656 billion U.S. dollars in 2023, a decrease from 2022. In 2022, figures reached 888 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 13 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.
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 2023 figures, the average price of OPEC crude oil was around 82 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.
OPEC net oil export revenue in 2021 and 2022, with a forecast for 2023 and 2024
(in billion U.S. dollars)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
EIA. (July 30, 2023). OPEC net oil export revenue in 2021 and 2022, with a forecast for 2023 and 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 02, 2024, from https://www.statista.com/statistics/223241/opec-net-oil-export-revenue/
EIA. "OPEC net oil export revenue in 2021 and 2022, with a forecast for 2023 and 2024 (in billion U.S. dollars)." Chart. July 30, 2023. Statista. Accessed November 02, 2024. https://www.statista.com/statistics/223241/opec-net-oil-export-revenue/
EIA. (2023). OPEC net oil export revenue in 2021 and 2022, with a forecast for 2023 and 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 02, 2024. https://www.statista.com/statistics/223241/opec-net-oil-export-revenue/
EIA. "Opec Net Oil Export Revenue in 2021 and 2022, with a Forecast for 2023 and 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 30 Jul 2023, https://www.statista.com/statistics/223241/opec-net-oil-export-revenue/
EIA, OPEC net oil export revenue in 2021 and 2022, with a forecast for 2023 and 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/223241/opec-net-oil-export-revenue/ (last visited November 02, 2024)
OPEC net oil export revenue in 2021 and 2022, with a forecast for 2023 and 2024 (in billion U.S. dollars) [Graph], EIA, July 30, 2023. [Online]. Available: https://www.statista.com/statistics/223241/opec-net-oil-export-revenue/