Baku, Azerbaijan, Apr. 28
By Umid Niayesh - Trend:
The OPEC oil basket price reached $61.06 on April 27, the highest level in 2015.
OPEC's monthly report, published April 16 says the Organization of the Petroleum Exporting Countries boosted the crude output by about 812,000 barrels per day in March to 30.786 mb/d.
The OPEC oil price in March was $52.46/b on average.
Saudi Arabia and its Arab allies launched air strikes on the Houthi (local Shia group) militia forces in Yemen March 25. The move triggered an oil shipping disruption through Bab el-Mandeb, a strait located between Yemen on the Arabian Peninsula, and Djibouti and Eritrea in the Horn of Africa.
Saudi Arabia, leading an Arabian coalition against Iranian-backed Shiite Houthis, announced April 21 that it ended the air strikes to seek a political solution in Yemen, but restarted the aerial bombardment a day later.
According to OPEC's latest report, Saudi Arabia increased its oil production by 346,800 b/d, while Iraq increased by 318,800 b/d in March.
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).
Edited by CN