The Organization of Petroleum Exporting Countries experienced a sharp turnaround in operating and financial performance in 1989.
OPEC hiked oil and gas production, reserves, exports, and market share while the organization's account balance turned to surplus from deficit.
The data were released last month by OPEC's secretariat.
PRODUCTION, EXPORTS
OPEC crude oil production rose to 21.34 million b/d in 1989 from 19.62 million in 1988.
All but two of the organization's 13 member countries logged oil production hikes. According to Oil & Gas Journal yearend 1989 estimates, production declined in Saudi Arabia and Ecuador last year (OGJ, Dec. 25, 1989, p. 41)
Total OPEC crude exports jumped by 13.2% to 15.13 million b/d in 1989 from the year before. Eleven OPEC members increased crude exports in 1989, with the remaining two showing declines.
The value of total OPEC petroleum exports climbed to $116.65 billion in 1989 from $85.93 billion in 1988. This enabled OPEC to end the year with an estimated account surplus of $10.35 billion compared with a $19.02 billion deficit in 1988.
OPEC's share of total world crude oil production--which the secretariat estimated rose to 58.64 million b/d in 1989 from 57.86 million b/d in 1988-gained more ground in 1989, to 36.4% from 33.9% in 1988. OPEC's share of world crude oil exports jumped to 58.7% in 1989 from 54.9% in 1988.
OPEC natural gas production increased 5.7% to 39 bcfd in 1989 vs. 1988.
RESERVES, REFINING
OPEC jumped its total proven crude reserves in 1989 by 8.65 billion bbl to 771.58 billion bbl, or about 76.7% of the world total.
OPEC proven gas reserves climbed in 1989 to 1.752 quadrillion cu ft, or 38.3% of the world total, from 1.612 quadrillion cu ft, or 39.4% of the world total, in 1988.
OPEC refining capacity rose to 6.93 million b/d in 1989 from 6.47 million b/d in 1988.
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