OPEC crude price rises ahead of expected production cut
The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to rise Monday, as the cartel is expected to cut production at its meeting on Friday.
One barrel (159 litres) of OPEC crude stood at 64.63 dollars Monday, 1.71 dollars higher compared with 62.92 dollars last Friday.
OPEC President and Algerian Energy Minister Chakib Khelil said Saturday that the group could cut output by up to 2 million barrels per day at its Vienna meeting, reported dpa.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.