The Organisation of Petroleum Exporting Countries (OPEC) has said the average price of its members’ crude grades (OPEC Basket) rose by 70 per cent in two years to $73.27 per barrel (bbl).

Oil prices crashed globally in 2014 from over $100 per barrel to below $30 per barrel. However, from 2016, prices started to rally to $40 and above per barrel, and have continued to $70 and $80/bbl.

OPEC document (August/September 2018 OPEC Bulletin) said: “Since the end of 2016, the OPEC Reference Basket has increased by nearly 70 per cent, gaining $30 to average $73.27/bbl in July 2018.

During the same period, ICE Brent improved by 60 per cent to reach $75/bbl, while NYMEX WTI rose by 55 per cent to settle above $70/bbl, for the first time since late 2014, at $70.58/bbl.

Source: The Nation