VIENNA, Feb 22 (KUNA) -- OPEC daily basket price of 13 crudes went down by USD 2.13 to USD 61.30 pb last Friday, compared with USD 63.43 the previous Thursday, said the OPEC Secretariat on Monday.
OPEC annual price in 2020 was USD 41.47 pb.
However, the prices of other standard crudes increased due to the slow resumption of US crude production after it was reduced by freezing weather conditions, while demand recovered from its low levels during the COVID-19 pandemic.
Brent crude went up 55 cents, or 0.9 percent, to USD 63.46 pb, after increasing nearly 1 percent last week.
US crude rose 47 cents, or 0.8 percent, to USD 59.71 pb, after falling 0.4 percent last week.
Prices were also boosted by expectations of investment bank Goldman Sachs that oil would reach USD 70 in Q2 and USD 75 in Q3.
According to oil market participants, the unusually cold weather in Texas and the Plains states has halted production of up to four million barrels of crude as well as 21 billion cubic feet of natural gas.
Analysts believe that the increase in oil prices is also linked to growing hopes that the US stimulus and easing restrictions will boost the economy and demand for fuel.
The countries of the OPEC alliance agreed on last January five to curb the high production and to deal with caution with regard to production levels by gradually returning 2 million barrels per day (bpd) to the market, with the speed being determined according to market conditions and developments.
OPEC Secretariat said in its periodic report for the current month of February that the demand for OPEC crude in 2021 will reach 27.5 million bpd, about 5 million bpd more compared to 2020.
OPEC Plus will hold its 14th ministerial meeting on March four, to assess the developments in the global oil market and take a decision in proportion to the expected demand for crude and the speed of the global economic recovery.
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.lr