Opec's export revenue surged 43% last year amid high crude prices, EIA says

Opec's export revenue surged 43% last year amid high crude prices, EIA says

Opec's export revenue surged by nearly 43 per cent last year as Russia's war in Ukraine resulted in higher crude prices, according to the US Energy Information Administration.

The group’s net oil export revenue rose to $888 billion in 2022, from $622 billion a year earlier, the statistical arm of the US Department of Energy has said.

“The increase in net export revenue in 2022 is mostly attributable to higher crude oil prices, and to a lesser degree to higher petroleum liquids production,” the EIA said.

Brent, the benchmark for two thirds of the world’s oil, surged to nearly $140 a barrel after Moscow’s military offensive against Ukraine began in February last year.

The international benchmark has since given all up of its gains and is now trading below $80 a barrel as Russian crude supply remains steady and economic slowdown concerns weigh on investor sentiment.