OPEC Daily Basket Price Bounces Back to $80
The Organization of the Petroleum Exporting Countries (OPEC) crude oil basket price has returned to levels above $80 after dropping to around $70 at the start of December 2021, according to OPEC Secretariat calculations.
The OPEC daily basket price stood at $81.75 per barrel on Monday, recovering from a low of $70.07 per barrel roughly a month ago. In mid-November 2021 and earlier, the OPEC basket price hovered at $80 levels before it fell at the end of 2021.
The oil group and allies with interest in production volume known as OPEC+ in January affirmed the decision to continue with policy to incrementally raise output level by 400,000 barrels per day starting from next month.
Though, oil market data shows that some members, including Nigeria, have not been meeting daily quota amidst solid compliance levels.
The OPEC reference basket of crudes is made up of the Saharan Blend of Algeria, Girassol of Angola, Djeno of the Congo, Zafiro of Equatorial Guinea, Rabi Light of Gabon and Iran Heavy of Iran.
Others are Basra Light of Iraq, Kuwait Export of Kuwait, Es Sider of Libya, Bonny Light of Nigeria, Arab Light of Saudi Arabia, Murban of the United Arab Emirates and Merey of Venezuela.
# OPEC Daily Basket Price Bounces Back to $80. Read Also: Oil Prices Rise as Energy Agency Upgrade Demand Forecast
