Oil Price Reaches $83.37/Barrel As OPEC Meets Today

Oil price in the Organization of the Petroleum Exporting Countries (OPEC) daily basket price stood at $83.37 a barrel on Tuesday, ahead of the 22nd OPEC and non-OPEC Ministerial Meeting, scheduled for Thursday.

In a statement, the organization said the price of the OPEC basket of 13 crudes stood at $83.37 a barrel on Tuesday, compared with $82.49 the previous day, according to OPEC Secretariat calculations.

In the last 10 days, the oil price has remained between $82 and $84/b price band with the highest price of $84.66 recorded on 25 October 2021.

The OPEC Reference Basket of Crudes (ORB) comprises Bonny Light (Nigeria), Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), and Iran Heavy (Islamic Republic of Iran).

The others in the basket are, Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Crude oil price is expected to remain afloat considering that OPEC members and its alliance are expected to stick to the gradual monthly production increases of 400,000 barrels per day (bpd).