Baku, Azerbaijan, May 7
By Umid Niayesh - Trend:
OPEC oil basket price reached $64.96 per a barrel on May 6, the highest level in 2015.
According to the updated oil prices released on OPEC official website on May 7 that, the cartel's oil price increased by $1.33/barrel on May 6, compared to the previous day.
While Saudi Arabia restarted air strikes over Yemen, the OPEC oil basket price has been rising despite continued growth in the Cartel's production level.
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.
OPEC's oil production level reportedly surpassed 31 mb/d in April.
For first time in 2015, OPEC oil price reached $60 on April 24.
On Thursday Brent was sold at $67.95, while WTI price reached $60.97 on May 7.
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