(MENAFN- Kuwait News Agency (KUNA))
VIENNA, May 19 (KUNA) -- The price of the OPEC crudes dropped 94 cents to settle at USD 114.94 per barrel on Wednesday, compared to USD 117.20 pb on Tuesday.
The average oil price of the OPEC basket in 2021 was at USD 69.89 per barrel, OPEC said in its daily release.
The prices of crude oil, including OPEC crudes, in March increased by USD 20 per barrel for the third month in a row based on the escalating geopolitical situation in Eastern Europe and fears of possible major shortage in oil supplies, it said in its periodic report.
The oil futures contracts prices witnessed high fluctuations due to the uncertain short-term expectations of oil supply and demand, noting that the price of OPEC Reference basket increased by USD 19.53 to settle at USD 113.48 per barrel.
Ministers of energy of the OPEC+ alliance decided during their 28th meeting held on March 31st to continue increasing oil supplies by 432,000 bpd next June.
The ministers confirmed that the oil market's main components of supply and demand remain balanced, while the current fluctuations of prices are based on the ongoing geopolitical developments.
OPEC+ alliance countries were able to resume manufacturing two thirds of the production that was suspended during the first stages of Coronavirus (COVID-19). (end) amg.ahm
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