Oil prices rise to $72 a barrel

06/05/2021 09:52

  • number of readings 110
  • Section : Iraq

Baghdad / Obelisk: Basra Light crude recorded the highest prices on Saturday, June 5, 2021 in OPEC, to approach $ 72, in conjunction with the rise in global oil prices, while the price of Basra Heavy crude decreased, before they closed yesterday, Friday.

Basra Light crude prices recorded $71.84 a barrel, an increase of 0.93%, while Basra Heavy crude, exported to Asia, fell to $67.67 a barrel, down 0.48% from last Thursday.

Basra Light recorded the highest prices compared to other OPEC countries, where the Saudi Arab Light oil price reached $70.91 per barrel, while the price of the UAE Murban Blend reached $70.92 per barrel, and the Algerian Sahran Blend reached $70.19 per barrel, while the Nigerian Bonny Light recorded $70.99. Angolan Girasole, $71.39.

The international oil prices rose to close Brent crude to 71.89 dollars, and West Texas crude to 69.62 dollars a barrel.

OPEC + has reduced its production by 9.7 million barrels per day since May 2020 due to the decrease in oil demand caused by the Corona virus pandemic, and with the recovery of the situation, the restrictions were adjusted, and it reached 6.9 million barrels per day in April.

And last April, the OPEC + group decided to increase production by 2.1 million barrels per day from May to July, in anticipation of increased global demand despite the high cases of Corona virus in India, the third largest oil consumer in the world.


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