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KUNA – The Organization of the Petroleum Exporting Countries (OPEC) announced Wednesday that the price of its 14 baskets of crude oil fell from 83 cents to 59.71 dollars per barrel, against 60.54 dollars per barrel on Monday.
According to the OPEC bulletin, the average monthly price of its basket for the month of July reached 64.71 dollars per barrel, against 62.92 dollars per barrel in June, which indicates that the price of the basket since the beginning of the year until the end of last week was 62.65 dollars a barrel.
According to the OPEC News Agency newsletter, the average annual price of the basket was 52.43 dollars per barrel last year.
The OPEC basket, which constitutes a reference in the level of production policy, includes 14 types: Algerian Sahara (Iranian), Iranian Crude, (Al-Basara), Kuwait Export Gross, Libyan crude (Sidr), Nigerian crude (Boni), Saudi Arabian crude, Venezuelan crude and (Girasol). Angola, Orient, Ecuador, Zafiro (Equatorial Guinea), Rabi Light (Gabon), Gino Ore (Congo) and United Arab Emirates (Marban).
The oil ministers of OPEC and OPEC countries agreed on July 2 to extend the decision to cut production for an additional nine months ending March 31, 2020.
Through this resolution, OPEC seeks to reaffirm its commitment to a stable and balanced oil market for the benefit of producers, consumers and the global economy.
Under an agreement between OPEC oil ministers and independent producers, OPEC will cut production by 800,000 barrels per day (bpd), or 2.5% of production. each Member State.
The 11 non-OPEC countries will also reduce their production levels by 400,000 barrels per day, or 2 percent of the output of each non-OPEC member.
It should be noted that oil prices have fluctuated in the recent period between the geopolitically driven rise and fall and the effect of the increase in the crude stock.
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