The upward trend has continued in the past two weeks, with a cumulative increase of 10%.
OPEC oil prices broke through the $70 mark for the first time in 18 months after rising for six consecutive days. The price on Friday was $70.21 per barrel, which was announced today.
The organization’s secretariat in Vienna stated that the barrel used as a reference by the Organization of Petroleum Exporting Countries (OPEC) is a mixture of 13 grades of oil (one for each member state), and has not sold more than $70 since January 2020 Since the 6th, before the pandemic started, oil prices have fallen.
Friday’s data rose 0.46% or 0.32 US dollars from Thursday, which is the result of the continuous upward trend in the past two weeks, with a cumulative increase of 10%.
Since the beginning of this year, OPEC’s average barrel price is now US$62.43, close to the 2019 average of US$64.04, while last year it fell 35% to US$41.47 due to the pandemic crisis.
According to analysts, behind the current so-called “black gold” appreciation is the progress of vaccination against covid-19, especially in the United States, the demand for restarting economic activities is expected to recover strongly, especially in the travel and tourism industries. , Europe and China.
In this case, OPEC and 10 allies, including Russia, decided to restrict the supply, and only gradually increasing and controlling the supply (approximately 2 million barrels per day from May to July) also contributed to the increase in oil prices. .