Opec and oil markets have been on a rollercoaster ride over the past two years. As Covid crashed the market in 2020 the group’s collective oil earnings fell by 40% to a 17-year low, but with the 13 members now enjoying near-$90/B crude they can look back on a year in which their fortunes reversed at a record pace.

MEES calculations indicate that Opec oil export revenues rebounded by around 80% to total $576bn for 2021 (see chart 1). Not just would this be slightly higher than 2019 levels, but it is the fastest increase since 1974 when Opec emerged as a global force to be reckoned with following the 1973 Arab oil embargo. (CONTINUED - 914 WORDS)