OPEC basket price climbs to more than $62.00 a barrel

Shafaq News/ The price of OPEC basket of thirteen crudes rose to 62.86$ a barrel on Tuesday, compared with $62.56 on Friday, according to OPEC Secretariat calculations.

Experts said OPEC prices jumped due to the increase in other raw materials prices and the closure of the Suez Canal for a whole week in addition to the upcoming OPEC+ meeting where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.

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