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Wednesday, June 3, 2020
The price of OPEC basket of thirteen crudes stood at $34.95 a barrel on Tuesday, compared with $33.68 the previous day, according to OPEC Secretariat calculations. The oil price increase comes ahead of the next OPEC meeting to be held by video conference on June 9 followed by the OPEC+ meeting on June 10 where all participants are expected to discuss and extend production cuts.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), 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 Merey (Venezuela).
Meanwhile on other markets, the barrel price also rose on June 2 with West Texas Intermediate for July delivery rising 2.7%, hitting $36.40 per barrel and Brent for August delivery climbed 2.9% to $39.43 a barrel.
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