OPEC crudes' basket price stabilizes at USD 45.17 pb

VIENNA, Aug 7 (KUNA) -- Price of OPEC basket of oil crudes climbed yesterday (Thursday) by 17 cents to reach USD 45.17 per barrel, compared with USD 45.34 pb Wednesday.
Annual average price of the basket of the crudes in 2019 was USD 52.43, according to OPEC bulletin.
The joint ministerial committee for monitoring the market, also in charge of overseeing implementation of an agreement on decrease of production, announced in end of a meeting in Vienna late July recording remarkable market recovery.
It also had reported that the market appeared restoring balance between supply and demand.
Based on primary indicators of international demand on oil, the demand on OPEC crude in 2021 is forecast to reach 29.8 million barrels per day, with an increase of 6.0 million bpd, compared with the 2020 levels, the OPEC Secretariat General stated in its monthly report. (end) amq.lb