OPEC price ups after IEA says producers ‘opened the taps’ in June

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The price of OPEC basket of fourteen crudes stood at $46.02 a barrel on Wednesday, compared with $44.79 the previous day, according to OPEC Secretariat calculations.

This comes as oil prices slumped Thursday after the International Energy Agency said global oil supply rose in June as producers “opened the taps.”

Light, sweet crude futures for delivery in August CLQ7, -0.79%  dropped 31 cents, or 0.7%, to $45.18 a barrel on the New York Mercantile Exchange, while September Brent crude LCOU7, -0.88% gave up 39 cents, or 0.8%, to $47.34 a barrel.

Losses picked up after the IEA released its monthly oil report, saying global oil supply in June rose by 720,000 barrels a day to 97.46 million a day, boosted by increased output from the Organization of the Petroleum Exporting Countries and non-OPEC producers such as the U.S.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: The Baghdad Post

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