OPEC Annual Report: Oil Export Revenues Fell By Almost 20% In 2019
OPEC's revenues from oil exports in 2019 totaled $564.9 billion, falling for the first time since 2014, according to the organization's annual statistical Bulletin published on Monday.
Compared to the level of 2018, when revenues from oil supplies to the cartel countries reached $692.3 billion, the indicator fell by 18%. The largest exporter to OPEC, Saudi Arabia, in 2019 earned $202.4 billion from oil sales, Iraq - $80 billion, Kuwait - $52.4 billion.
According to OPEC, the highest ever revenue reached in 2012 - $1.1 trillion. In 2019, the cartel countries exported an average of 22.47 million b/d of oil against 24.3 million b/d a year earlier.
The volume of proven oil reserves in the world in 2019 increased by 3.6% to 1.55 trillion barrels, of which 1.23 trillion barrels are accounted for by OPEC countries, according to the organization's annual statistical Bulletin.
"The world's proven oil reserves at the end of 2019 were 1.551 trillion barrels, an increase of 3.6% compared to 1.497 trillion barrels at the end of 2018. Proven oil reserves in OPEC member countries increased by 3.7% to 1.23 trillion barrels at the end of 2019, after a slight decline in 2018," the report said.
The US last year increased its proven oil reserves by 20.1% to 52.64 billion barrels. The indicator for the Russian Federation remained unchanged at the level of 80 billion barrels.