(MENAFN- Kuwait News Agency (KUNA))
VIENNA, Aug 25 (KUNA) -- The OPEC basket went up by USD 2.38 to reach USD 67.33 per barrel on Tuesday's trading compared to USD 67.33 last Monday, said the bulletin for the international organization Tuesday.
The annual price of the OPEC basket in 2020 was at USD 41.47 pb
The annual average price of the basket last year amounted to USD 41.47 per barrel, the OPEC Secretariat Bulletin issued today.
The value of the basket increased by around five dollars per barrel, or by 7.4 percent, to settle at an average of USD 71.89 per barrel, the latest OPEC monthly indicated, considering that this price was USD 39.65 during the first five months of 2020.
All investors were increasingly optimistic towards June performance, regarding recovery expectations on international demand on oil, OPEC added.
Meanwhile, the producers' alliance (OPEC+) had agreed on July 18 to raise production levels by 400,000 barrels pd on a monthly basis, starting from this month.
OPEC+ will continue with these production reforms until they gradually get rid of the production adjustment of 5.8 million barrels pd.
That market situation and the performance of the participating countries will be evaluated against until the twentieth ministerial meeting of the coalition countries scheduled to be held on the first of next September.
The OPEC basket consists of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
OPEC plus consists of 15 Member Countries, namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
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