The price of the Organization of the Petroleum Exporting Countries (OPEC) basket, which includes 13 crudes, reached on December 7, its highest level in more than eight months. Or $ 48 per barrel.
According to the Organization of the Petroleum Exporting Countries (OPEC), the reference basket (ORB) stood at $ 48.35 on December 7, compared to $ 47.46 the day before. This is its highest level in more than eight months after falling from $ 21.61 to 38.9% at the start of the Covid-19 crisis last March.
This is the highest level recorded in previous months, supported by the consensus of OPEC members and its allies on a gradual increase in their production of black gold from next January. According to OPEC, this increase is explained by the agreement of the organization and its allies (OPEC +), limiting the increase in oil production from next January.
Indeed, on December 4, the 23 member countries of OPEC + agreed to limit the increase in their oil production to 500,000 barrels per day (b / d) from January 2021 when it was planned to increase it by 2 million b / d. This agreement comes after that of last April which planned to reduce production by 9.7 million barrels per day (mb / d), in July 2020 and by 7.7 mb / d from August 1 until 31 December 2020.
In addition to the Algerian Sahara Blend, OPEC’s benchmark basket is also made up of Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and du Merey (Venezuela).
It had fallen at the start of the Covid-19 crisis last March by $ 21.61, or 38.9%, to stand at $ 33.92 per barrel, which was the largest monthly drop since October. 2008 and the lowest monthly value since September 2003. And it was at the end of November that OPEC crude improved, notably supported by announcements about the development of an effective vaccine against Covid-19.
