OPEC crude basket price rises to USD 87.98 pb

VIENNA, The Organization of Oil Exporting Countries (OPEC) reported, Monday, that the daily basket price went up 52 cents to reach USD 87.98 per barrel, compared to USD 87.46 per barrel last Friday.

It added in its daily bulletin Tuesday that the annual average of the OPEC basket for 2021 amounted to USD 69.89 per barrel.

OPEC+ has decided on January 4 in the 24th ministerial meeting continue compliance with current production plan targeting gradual output of around 400,000 bpd in coming February.

OPEC+ is expected to continue changing the production until amending the current level of 5.8 million bpd.

They will re-examine market conditions and performance of the stakeholders at the 25th ministerial meeting that will be held virtually on February second.

Source: Kuwait News Agency