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The monthly average price of the OPEC basket of crudes rose to $71.89 per barrel, June 2021

The report of the Organization of Arab Petroleum Exporting Countries stated that the latest OPEC estimates indicate a rise in the monthly average price of its basket of crudes during June 2021 to $71.89 per barrel, an increase of about 7.4% compared to the previous month.


The report issued this month added that OPEC's expectations indicate an increase in the annual average price of the OPEC basket of crudes in 2021 to $63.93 a barrel, an increase of 54.2% compared to 2020.


The report added that the average price of the OPEC basket of crudes rose during May 2021 by 5.8% ($3.7 per barrel) compared to the previous month, to reach $66.9 per barrel, which is the highest monthly average since May 2019 mainly due to the strength of market fundamentals. Global oil as purchases of oil refineries rose in Asia Pacific and Europe, with further recovery in oil demand expected in conjunction with the approach of the summer travel and driving season and in the United States of America, the continued recovery in refinery operations and the decline in crude oil inventories supported prices .