VIENNA, The Organization of Petroleum Exporting Countries (OPEC) declared on Friday that the OPEC daily basket price stood at USD 70.75 a barrel Thursday (26 August 2021) compared with USD 70.59 the previous day.
OPEC’s bulletin said the annual rate of the basket crudes price in the past year stood at USD 41.47 pb.
The crude producers’ alliance, OPEC+, agreed on July 18 on increasing the oil output by 400,000 barrels on monthly basis effective this month.
The stakeholders also agreed on re-examining the 5.8 million bpd production, regularly.
The OPEC+ member states are scheduled to hold a ministerial meeting on September 1 to reassess the market status with respect of demand, supplies and prices.
Source: Kuwait News Agency