Vienna: The price of OPEC basket of crudes went down 80 cents to USD 95.51 per barrel (pb) on Thursday, from USD 96.31 pb Wednesday, the OPEC Secretariat said on Friday.
The overall annual average in 2021 was USD 69.89 pb, the organization’s bulletin added.
On August 3, the OPEC+ energy ministers agreed to boost the oil output by 100,000 barrels per day (bpd) by September in addition to the 648,000 bpd increase decided last month.
The latest decision came at the end of the 31st ministerial meeting of the 13 members and 10 partners of OPEC.
In its latest report, the organization forecasted an increase in demand next year by around 2.7 million barrels per day to reach a total of 103 million barrels, compared to the 100.3 million barrels of this current year.