The Latin American crude basket component of the Organization of Petroleum Exporting Countries (Opep), the Merey of Venezuela, increased in September 12.62 to 61.79, a 25.7% increase, reveals the Opep Monthly Bulletin, for October .
The report explains that the increase was due to china’s recovery in demand and the higher value of high-sulfur Fuel Oil in September. Ecuador’s Eastern rate also increased in September to $57.47, an increase of $1.38 or 2.5%.
Oil prices also found support due to declining U.S. crude oil stocks, which continued to fall for four consecutive weeks until the week of September 6, declining by approximately 24 thousand Barrels.
U.S. crude oil stocks were approximately 66,000 barrels lower during the week through September 20, compared to levels in early June, according to weekly data from the Energy Information Administration (EIA) Usa.
However, the value of the Opep basket declined at the end of September due to Saudi Arabia’s faster-than-expected recovery in production, concerns about the slowdown in the global economy, and the growth in oil demand amid the ongoing trade dispute between the United States and China.
The value of the Opep basket increased by $2.74 or 4.6 percent to be set at $62.36 on a monthly average. He remarked AVN.