Available data on OPEC’s website show that while the price of OPEC basket of twelve crudes stood at 81. 30 dollars per barrel on June 2 but it dropped to 78.17 dollars on June 3, a day after holding OPEC+ meeting.

There was an assumption that, among other factors, OPEC+ decision on unwinding crude oil production voluntary cuts had caused the index to fall by more than 3 dollars per barrel, even though it has gone up continuedly after June 3.

OPEC’s available data show that OPEC’s daily oil price has risen persistently for 5 consecutive working days from 78.17 to 78.39, 79.81, 80.37 and 80.93 respectively from 3 to 9 June.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

The 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) were held on 2 June via videoconference.

In a press release at the end of OPEC+ ministerial meeting, the oil producing group reaffirmed its commitment to the Declaration of Cooperation (DoC) and decided to extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC into the next year.

OPEC+ was formed in 2016 and includes 12 OPEC members and 10 of the world's leading non-OPEC oil exporters, including Russia; representing about 41 percent of world oil production.