LONDON—OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID-19 pandemic, while the number of its members’ active rigs posted a modest rebound and new completed wells declined, data from the group showed.
The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached $561 billion in 2021, up 77 percent from 2020, OPEC’s Annual Statistical Bulletin published on Tuesday showed.
As OPEC raised output in 2021, the number of active oil rigs in OPEC members rose by 11 percent to 489, a smaller increase than that seen worldwide. Top exporter Saudi Arabia added 6 rigs to 65 in 2021, although the total was below the 2019 level….