OPEC basket price rises to USD 88.55 pb

VIENNA, Jan 21 (KUNA) -- The OPEC daily basket price went up by five cents to USD 88.55 a barrel Thursday, compared with USD 88.50 the previous day, the cartel said on Friday.
The annual average of the OPEC's basket price amounted to USD 69.89 pb last year, the organization said in its bulletin.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+ decided early January to proceed with a production hike of 400,000 barrels per day (bpd), keeping their current policy of slight monthly increases in output.
OPEC said that the monthly increase of 400,000 bpd would begin in February as previously agreed on, describing it as a measure aiming to keep the global oil market stable.
The conferees had also underlined the paramount significance of utter compliance and compensation mechanism for the alliance's member states.
The OPEC+ alliance also agreed to follow up on the developments of the epidemiological situation, monitor its repercussions on the market, and make immediate adjustments if necessary.
The oil-producing countries of OPEC+ are expected to continue changing the production until amending the current level of 5.8 million bpd. They will re-examine market conditions and performance of the stakeholders at the 25th ministerial meeting, due to be held virtually on February second. (end) amg.aa