VIENNA, June 24 (KUNA) -- Price of OPEC's basket of oil increased by nine cents to USD 111.09 per barrel on Thursday against USD 111 pb on Wednesday, the organization said Friday.
Bulletin of the Organization of Petroleum Exporting Countries (OPEC) said Friday 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 for 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)