LOC14:18
11:18 GMT
VIENNA, June 27 (KUNA) -- Price of OPEC's basket of oil rose by USD 1.26 to USD 112.35 per barrel on Friday against USD 111.09 pb on Thursday, the organization reported Monday.
Bulletin of the Organization of Petroleum Exporting Countries (OPEC) added that the annual average rate of the crudes' basket, last year, reached USD 69.89 pb.
A report published last Tuesday 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)
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