OPEC’s oil reserves up in 2020 even as drilling rigs fall

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Thu, 2021-09-30 16:49

RIYADH/CAIRO: OPEC reported a rise in its oil reserves last year despite seeing a decline in drilling activities and the number of rigs.

Crude oil reserves in OPEC Member Countries increased by 0.3 percent to 1.24 trillion barrels at the end of 2020, compared to 1.23 trillion barrels in 2019, according to OPEC’s 2021 annual statistical bulletin.

World crude oil reserves stood at 1.55 trillion barrels at the end of 2020, increasing by 0.2 percent from the last year.

As for the number of rigs, Saudi Arabia experienced a similar trend to other OPEC countries as its number of active rigs dropped noticeably from 115 in 2019 to 59 in 2020 — a decrease of 56 rigs. 

Outside of OPEC, the US’s rig count fell significantly in 2020 — down 58% to 341 in 2020, compared with 804 the previous year. 

“OPEC’s commitment to high-quality, transparent oil and gas data supports our goal of fostering sustainable oil market stability for the benefit of producers, consumers and the global economy,” Mohammad Barkindo, OPEC Secretary General wrote in the report issued today.

OPEC daily crude oil production declined sharply year-on-year by 3.72 million barrels, or 12.7 percent in 2020, while crude production by non-OPEC countries fell by 5.3 percent. 

The total world crude oil production declined by 8.2 percent, to average 69.09 million barrels a day, compared to 2019, the report showed.

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