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OPEC daily basket price stands at $120.16

Category: Economy

Date: 2022-06-08T11:24:01+0000
OPEC daily basket price stands at $120.16

Shafaq News / The price of the OPEC basket of thirteen crudes stood at $120.16 a barrel, compared with US$119.85 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Oil expert, Mohammed al-Hasani, told Shafaq News agency that oil prices will increase to reach US$140 per barrel during the second half of 2022, due to many reasons, including the instability in oil-producing countries, the Russian-Ukrainian war, and focusing on renewable energy projects.

He added that OPEC's capacity to produce crude oil for its reserves began to shrink, which led to the difficulty of meeting the agreed-upon monthly increase for some members, which widened the gap between expectations and actual production.

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