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Saturday, April 13, 2024

OPEC Daily Basket Price at $34.95 as Markets Eye Cuts Extension

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The price of OPEC basket of thirteen crudes stood at $34.95 a barrel on Tuesday, compared with $33.68 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: 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).
Oil prices were up yesterday as the global oil market awaits the meeting this week between the Organization of Petroleum Exporting Countries (OPEC) and its allies to further extend crude production cuts.
International benchmark Brent crude was trading at $38.68 per barrel at 0636 GMT for a 0.9% gain after closing Monday at $38.32 a barrel.
American benchmark West Texas Intermediate (WTI) was at $35.74 a barrel at the same time for a 0.8% increase after ending the previous day at $35.44 per barrel.
OPEC and non-OPEC oil-producing nations are set to meet sometime this week to discuss the possibility of extending oil production cuts through July or August.
The 23-nation group, dubbed as OPEC+, had agreed in April to cut their total oil output by 9.7 million barrels per day (bpd) from May 1 through June 30.

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