{"id":441,"date":"2022-06-28T16:46:39","date_gmt":"2022-06-28T16:46:39","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=441"},"modified":"2022-06-28T16:46:42","modified_gmt":"2022-06-28T16:46:42","slug":"opec-boosts-oil-income-in-2021-well-completions-drop","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/441\/","title":{"rendered":"OPEC boosts oil income in 2021, well completions drop"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>OPEC&#8217;s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members&#8217; active rigs posted a modest rebound and new completed wells declined, data from the group showed.<\/p>\n\n\n\n<p>The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached $561 billion in 2021, up 77% from 2020, OPEC&#8217;s Annual Statistical Bulletin published on Tuesday showed.<\/p>\n\n\n\n<p>As OPEC raised output in 2021, the number of active oil rigs in OPEC members rose by 11% 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.<\/p>\n\n\n\n<p>OPEC and its allies, known as OPEC+, have been struggling to boost output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is one of the reasons oil prices have soared in 2022.\u00a0<\/p>\n\n\n\n<p>The number of completed wells &#8211; the process of making a well ready for production, another metric OPEC tracks &#8211; in the group&#8217;s members declined last year to 1,588, a drop of 280 from 2020 and the lowest since at least 2017.<\/p>\n\n\n\n<p>&#8220;These figures are worrying and indicate a reduction in OPEC spare capacity in the near term,&#8221; an OPEC source said of the drilling data.<\/p>\n\n\n\n<p>OPEC did not immediately respond to a request for comment on the significance of the figures.<\/p>\n\n\n\n<p>Well completions dropped in all OPEC members except Libya, Venezuela, Equatorial Guinea, Angola and Iran, according to OPEC&#8217;s report. By contrast, the worldwide number of completed wells increased last year.<\/p>\n\n\n\n<p>French President Emmanuel Macron said on Monday he had been told by the UAE&#8217;s president that Saudi Arabia and the United Arab Emirates can barely increase oil production.<\/p>\n\n\n\n<p>Reporting by Alex Lawler; Editing by Jan Harvey<\/p>\n\n\n\n<p>Provided by:  MohammadSadegh Razmi<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2022-06-28T16:46:42+00:00\"> 28 June 2022<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"OPEC&#8217;s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members&#8217; 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 [&hellip;]","protected":false},"author":1,"featured_media":442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,1,35],"tags":[],"services":[],"class_list":["post-441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-opec","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=441"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/442"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=441"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}