VIENNA, Price of OPEC’s basket of oil rose by USD 1.73 to USD 104.39 per barrel on Friday against USD 102.66 pb on Thursday, the organization reported Monday.
Bulletin of the Organization of Petroleum Exporting Countries (OPEC) added that the monthly rate reached USD 117.72 pb last June whereas May recorded USD 113.87 pb, indicating stability of basket price rate from the beginning of the year and until last week where it reached USD 108.28 pb.
The bulletin added that annual average rate of the crudes’ basket, last year, reached USD 69.89 pb.
Energy ministers of the OPEC+ coalition agreed, on June 2, on increasing the oil production by 648,000 barrels per day for coming July and August.
OPEC+ countries are set to hold a meeting on August 3, 2022, to follow up on market conditions.
Source: Kuwait News Agency