[0:28 am, 02/06/2022] Muhammad Awais Ashraf: Vienna June 1, 2022: The price of OPEC basket of thirteen crudes stood at US$122.94 a barrel on Tuesday, 31st May, compared with US$120.01 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
[0:28 am, 02/06/2022] Muhammad Awais Ashraf: OPEC mulls excluding Russia from oil-production deal – WSJ
Vienna June 2, 2022: Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation’s ability to produce more, the Wall Street Journal reported on Tuesday, citing OPEC delegates.
Exempting Russia could pave the way for Saudi Arabia, the United Arab Emirates, and other OPEC members to produce more to meet the production targets.
Oil prices have soared to above $100 a barrel since the Russian invasion of Ukraine and countries including the United States have urged a hike in production to bring prices down.
