OPEC Oil Export Revenue Was Highest in Almost a Decade Last Year

OPEC’s petroleum export revenues climbed to the highest in a almost a decade last year, as Russia’s war on Ukraine bolstered crude prices and key members ramped up production.

The 13 nations of the Organization of Petroleum Exporting Countries earned $873.6 billion in 2022, up 54% from the prior year, according to a report from the group’s secretariat on Tuesday. It was their best year since 2014, when the US shale boom ended a period of historically high oil prices.