The latest estimates issued by the organization showed that the annual average price of OPEC’s basket of 13 crude crudes in 2020 amounts to 41.47 dollars per barrel.
The crude OPEC and the rest of the other types of oil witnessed significant increases during the past weeks, amid improved demand for this strategic commodity in the global market.
It is expected that the improvement in oil prices will continue during 2021, especially with the expansion of the countries of the world in vaccination campaigns against the “Covid-19” virus, and the continuation of OPEC members and some major producers in the implementation of the production reduction agreement agreed between the two parties, in addition to that, the Saudi decision will support The recent voluntary, by reducing production by one million barrels of oil per day, will result in oil prices during the coming period.
It is noteworthy that oil prices also received support during the past days after the recovery shown by the Chinese economy, as it grew by 2.3% of GDP in 2020, which is more than the previous expectations issued by the International Monetary Fund, which indicated a growth rate of only 1.9%.
The price of Brent crude futures contracts for delivery in March 2021 amounted to $ 55.9 per barrel upon settlement on January 20, while the price of US West Texas crude contracts for February delivery reached $ 52.98 per barrel.