The data released by the OPEC website show that the weekly price of the OPEC basket stood at 84. 37 dollars during the week ending on June 20, up by 2.04 dollars against a week earlier.

OPEC’s weekly price fell during the first week after 12 members of OPEC along with their 10 non-OPEC allies in the form of OPEC+ meeting, decided on June 2 to unwind part of their voluntary oil product cuts over nearly a year, beginning from October.

While before OPEC+ meeting, OPEC’s weekly price was 83. 21 dollars a barrel during the week ending on May 30, but it fell by 3.68 dollars a week later on June 6 reaching 79.53, implying market's negative reaction to the OPEC+ ministerial meeting decisions.

In the meantime, OPEC weekly price has gone up since then for two consecutive weeks. The weekly price of the OPEC basket of twelve crudes reached 82.33 and 84.37 dollars respectively during the weeks ending on June 13 and 20.  

Some analysts have said that the market reaction to OPEC+ decision has been hasty, announcing that OPEC+ can reinstate the cuts whenever it will be necessary depending on market conditions.  

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).