OPEC crudes basket up 10 cents to reach USD 74.19 pb

(MENAFN - Kuwait News Agency (KUNA)) VIENNA, June 28 (KUNA) -- The OPEC basket of crudes rose 10 cents per barrel (pb) during Friday's trading sessions to close at USD 74.19 pb compared with USD 74.09 pb Thursday, the organization said on Monday.The annual price average of the Organization of the Petroleum Exporting Countries (OPEC) basket in 2020 was USD 41.47 pb OPEC had indicated in its last periodic report that the price of the crudes basket achieved strong demands in May by six percent, as it settled at its highest level recorded in several months.OPEC basket increased by 5.8 percent to settle at USD 76.63 in May to reach an average of US 66.61 pb, which is the highest level it reaches since May of the year 2019. OPEC prices stabilized at USD 39.65 during the first five months of 2020.A ministerial meeting of the alliance of OPEC countries and independent producers, or OPEC+, on June 1st affirmed commitment to a stable market that serves the interests of producers and consumers alike.The OPEC+ ministers stressed the importance of the continuous positive contributions of the countries The Declaration of Cooperation (DoC) in supporting the rebalancing of the global oil market, which comes in accordance with the historical decisions taken by the OPEC + alliance.The ministerial meeting noted the continuous improvement of market fundamentals, as the demand for oil showed clear signs of improvement, and the OECD stocks declined as the economic recovery continued in most parts of the world with the acceleration of Coronavirus (Covid-19) vaccination programs.OPEC, in its last periodic report, expected the demand on its crudes to reach 27.3 million barrels in 2021, with an increase of five million barrels pd than 2020. (end) mq.lb MENAFN28062021000071011013ID1102356180