OPEC Basket Of Crudes Rises To USD 112.37 Pb| MENAFN.COM

Wednesday, 10 August 2022 10:38 GMT

OPEC Basket Of Crudes Rises To USD 112.37 Pb


(MENAFN- Kuwait News Agency (KUNA)) VIENNA, May 16 (KUNA) -- Price of the Organization of Petroleum Exporting Countries' basket of crudes climbed USD 3.7 to USD 112.37 per barrel on Friday against USD 109.30 pb Thursday, OPEC's bulletin said on Monday.
Average monthly rate of the crudes' basket, last April, reached USD 105.54 pb and USD 113.48 pb in March, thus the basket average price, since start of the current year until end of last week, had been at USD 110.96 a barrel.
The bulletin said annual price of the crudes' basket, last year, reached USD 69.89 pb.
The oil organization, in its latest report, said oil prices, including OPEC's crudes, rose by USD 20 pb for the third month in a row, last March, against backdrop of mounting geopolitical jitters, particularly in East Europe.
Forward oil contracts have been sharply unsteady due to uncertain short-term forecast of supply and demand. As to the reference OPEC's basket rate, it increased by USD 19.53-20.8 percent, settling at USD 113.48 pb.
The OPEC report called for continuing vigilance due to negative ripples emanating from geopolitical tension, the coronavirus, soaring inflation, emerging issues in the importing chains, snowballing sovereign debts in many countries, monetary tightening policies by central banks namely in the US, the UK, Japan and the Euro zone member states.
Oil ministers of the alliance, OPEC+, agreed during their 28th ministerial meeting, held on May 5, on pursuing supplies by 432,000 a day in the coming June.
They affirmed, in a statement released in the end of the meeting, that the market factors, namely supply and demand, have been balanced and sound and that price fluctuations of prices are caused by the geopolitical events.
The OPEC+ oil producers had resumed two thirds of the crude output following decline during first phases of the coronavirus crisis. Meanwhile, OPEC and its partners forecast supply glut. (end)
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