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In 2022, the OPEC countries experienced a significant increase in crude export revenues, reaching the highest level in almost a decade, with $873.57 billion, attributed to the Russia-Ukraine war and production boosts by key alliance members. Despite a surge in oil prices post-conflict, prices stabilized and remained relatively low due to an uncertain economic outlook and slow post-pandemic recovery, leading to reduced demand. OPEC believes the industry requires $12.1 trillion in investments until 2045, while the International Energy Agency predicts declining fossil fuel demand after 2026 due to the rise of electric vehicles and biofuels. First LNG-powered container ship reaches Saudi East Coast

OPEC oil export revenues surpass $870 billion, highest in decade

In 2022, the OPEC countries experienced a significant increase in crude export revenues, reaching the highest level in almost a decade, with $873.57 billion, attributed to the Russia-Ukraine war and production boosts by key alliance members. Despite a surge in oil prices post-conflict, prices stabilized and remained relatively low due to an uncertain economic outlook and slow post-pandemic recovery, leading to reduced demand. OPEC believes the industry requires $12.1 trillion in investments until 2045, while the International Energy Agency predicts declining fossil fuel demand after 2026 due to the rise of electric vehicles and biofuels.

First LNG-powered container ship reaches Saudi East Coast

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