OPEC’s daily basket price increased three cents to reach $53.81 per barrel from $53.78 on Tuesday.
In a statement by OPEC, it added that the average basket price rate for August was $46.60 per barrel.
OPEC’s Reference Basket Crudes (ORB) is made up of Kuwait Export (Kuwait), Saharan Blend (Algeria), Iran Heavy (Iran), Basra Light (Iraq), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), Merey (Venezuela), Girassol (Angola) and Oriente (Ecuador).
OPEC and other major oil exporters including Russia extended an agreement to limit oil production by 1.8m barrels per day till March 2018.
According to OPEC, the ministerial committee task to monitor the implementation and compliance to the agreement, reported 98% commitment to the agreement amongst signatory nations.
