(MENAFN- Kuwait News Agency (KUNA)) VIENNA, June 27 (KUNA) — The price of OPEC‘s basket of oil rose by 1.26 USD to 112.35 USD per barrel on Friday from 111.09 USD on barrel Thursday, the organization reported Monday.
The Bulletin of the Organization of the Petroleum Exporting Countries (OPEC) added that the annual average price of the basket of crudes, last year, reached 69.89 USD bp.
A report released last Tuesday by OPEC detailed that oil futures rose sharply due to geopolitical tensions in Europe as well as the possibility of increased demand for crude oil as Chinese authorities gradually lift restrictions. restrictions related to COVID-19.
The energy ministers of the OPEC+ coalition agreed on June 2 on an increase in oil production of 648,000 barrels per day for the months of July and August to come.
OPEC+ countries are due to hold a meeting on June 30, 2022 to monitor market conditions. (end)
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