OPEC crudes' basket rises to USD 54.85 pb

VIENNA, Jan 20 (KUNA) -- OPEC daily basket price stood at USD 54.85 per barrel (pb) Tuesday, compared with USD 53.92 the previous day, the petroleum organization said in a statement Wednesday.
OPEC said average annual price in 2020 was USD 41.47 pb.
Commitment of OPEC+ in production cuts agreement encouraged market analysts to show optimism coupled with imminent inauguration of Joe Biden as US President.
OPEC+ agreed, during a virtual meeting on January 5, to release two million barrels per day by summer.
Investors expected the new US Administration to increase spending on oil industry thus increase demand on fuel which contribute to lowering of oil stocks.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). (end) amg.bs