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OPEC crudes' basket up USD 2.58 to USD 115.97 pb

VIENNA, June 22 (KUNA) -- Price of OPEC's basket of oils rose by USD 2.58 to USD 115.97 per barrel on Tuesday against USD 113.39 pb on Monday.
Bulletin of the Organization of Petroleum Exporting Countries said Tuesday the annual average rate of the crudes' basket, last year, reached USD 69.89 pb.
A report published last week by OPEC detailed that oil futures hiked sharply due to geopolitical tensions in Europe as well as possibility of increased demand on crude oil as Chinese authorities gradually lift COVID-19 restrictions.
Energy ministers of the OPEC+ coalition agreed, on June 2, on increasing the oil production by 648,000 barrels per day for coming July and August.
OPEC+ countries are set to hold a meeting on June 30, 2022, to follow up on market conditions. (end) amg.aai