OPEC makes $680B in crude oil revenues in 2023

Logo of OPEC

OPEC achieved revenues from oil exports worth $679.75 billion in 2023, with oil revenues accounting for 46.50% of member nations’ total exports. 

According to the annual statistical bulletin for 2023, global oil demand grew year-on-year (YoY) by 2.56 million barrels per day (bpd), or 2.6%, to stand at an average of 102.21 million bpd, exceeding the pre-pandemic annual average. 

Total global crude oil production climbed by 420,000 bpd to an average of 73.24 million bpd, marking the third annual straight increase. Further, the production capacity of global refineries expanded by about 1.5 million barrels to reach 102.92 million bpd. 

OPEC exported an average of 19.71 million bpd of crude oil, a decrease of about 600,000 bpd, or 2.9% YoY. Asia accounted for 71.6% of exports, or 14.10 million bpd. 

Proven global reserves of crude oil reached 1.57 trillion barrels by the end of 2023, up by six billion barrels, or 0.4%, compared to 2022 levels, of which the OPEC countries’ share reached 79.1%, mostly from Venezuela and Saudi Arabia.