OPEC reported $560 billion in revenue from oil sales in 2021 in its annual report, which shows a 77 percent increase in comparison with a year earlier, reported ifpnews.com.
OPEC’s 13 members’ revenue from oil exports was $317 billion in 2020.
Iran’s revenue from oil sales in the year 2021 tripled compared to the year before.
Iranian Oil Minister Javad Owji said on Thursday that the global oil market needs to increase supply from Iran.
He added that disrupting energy security and intensifying market fluctuations is a lose-lose game for all players in the field.
Speaking on the sidelines of the 30th OPEC and non-OPEC Ministerial Meeting which was held via videoconference, Owji noted that the OPEC+ will continue to monitor developments on a regular basis and take any action necessary to maintain stability in the oil market.
“Recent developments in the global economy have shown an increase in inflation in many countries, and fuel prices have risen significantly,” said the Iranian minister.
The return of Iranian oil to the global market can meet the needs of some customers and help the formation balance in global markets, he added.
As the largest holder of oil and gas resources in the world, Iran is ready to increase its oil production to the level of pre-sanctions in the earliest possible time, Owji concluded.
The OPEC and allied producing nations decided on Thursday to boost production of crude by 648,000 barrels per day in August.
Source: Iran daily