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OPEC crude price rises by $4 within day

Oil&Gas Materials 27 March 2015 15:57 (UTC +04:00)

Baku, Azerbaijan, March 27

By Khalid Kazimov - Trend:

A day after lunching Saudi Arabia's air strike over Yemen, OPEC oil basket price rose by about $4 on Mar.26 day-to-day.

According to OPEC official website, the cartel's oil price increased from $50.83 on Mar.25 to $54.55 on Thursday.

According to OPEC's monthly report, published March 16, the twelve members of this cartel produced 30.022 million barrels (mb/d) of crude oil per day in February, which is 137,600 barrels less than in January.

The last month's level is approximately equal to the ceiling level, which had been set at 30 mb/d.

Saudi Arabia and its Arab allies launched air strikes on the Houthi (local Shia group) militia forces in Yemen Mar.25. The move triggered an oil shipping disrupts through Bab el-Mandeb, a strait located between Yemen on the Arabian Peninsula, and Djibouti and Eritrea in the Horn of Africa.

According to Bloomberg's statistics, WTI price for delivery Mar.27 reached $50.40, while Brent stood at $58.43.

OPEC's oil basket (ORB) is currently made up of the Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC's monthly report released Feb. 9 said that the cartel's total crude oil output has fallen by about 53,200 bpd in January compared to December, reaching 30.153 mbpd.

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