OPEC crudes basket up 41 cents to stand at USD 71.31 pb

(MENAFN - Kuwait News Agency (KUNA)) VIENNA, June 14 (KUNA) -- The OPEC basket of crudes rose up by 41 cents during trading sessions to stand at USD 71.31 per barrel (pb) on Friday, compared with USD 70.90 pb on Thursday, the organization said Monday.The annual price of the OPEC basket in 2020 was USD 41.47 pb. Average price of May was USD 66.91 pb, up from USD 63.24 pb in April.The current oil prices are relatively high, compared to the prices two years ago, due to the advanced vaccinations campaigns against the Coronavirus.OPEC+ members assured, at the conclusion of meeting earlier this month, commitment to a stable market that serves the interests of producers and consumers alike.They noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement while economic recovery continued in most parts of the world as vaccination programs accelerated.OPEC expected that the demand for its crudes during the current year would reach 27.7 million barrels per day, an increase of five million barrels per day compared to 2020.(end) amq.nhq MENAFN14062021000071011013ID1102268995