OPEC oil price jumps
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The price of OPEC’s basket of 13 crudes stood at $46.02 per barrel on July 12, as compared to $44.79 per barrel on July 11, the cartel reported.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The price for September futures of Brent crude oil has decreased by 0.44 percent to $47.53 per barrel July 13 as of 07:35 (UTC +4).
This is while the price for August futures of West Texas Intermediate (WTI) has dropped by 0.40 percent and stood at $45.31 per barrel.
The total OPEC-14 crude oil production averaged 32.61 million barrels per day in June, an increase of 393,000 barrels per day over the previous month, the cartel said in its July Oil Market Report.
Crude oil output increased mostly in Libya (up by 127,000 b/d), Nigeria (96,700 b/d), Angola (66,000 b/d), Iraq (60,600 b/d) and Saudi Arabia (51,300 b/d), while production showed declines in Venezuela (down by 13,600 b/d), according to the cartel.
The 172nd Meeting of the Conference approved Equatorial Guinea’s request to join OPEC, with immediate effect from May 25, 2017.
In line with this development, data for Equatorial Guinea will now be included within the OPEC grouping. As a result, the figures for OPEC crude production, demand for OPEC crude and non-OPEC supply have been adjusted to reflect this change. For comparative purposes, related historical data has also been revised.
Equatorial Guinea has increased its crude output by 1,400 b/d in June as compared to May 2017, said the report.
In May 2017, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
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