OPEC’s oil basket up by $2.54 in March

Lagos -- The Organization of the Petroleum Exporting Countries, OPEC’s Reference Basket, ORB, rose by $2.54 or 4.0 percent in March, according to newly-released data by the group.

OPEC’s ORB settled at $66.37 per barrel, strengthened by the commitment of OPEC and friendly non-OPEC oil producing countries to restoring global oil market stability.

Crude oil futures prices extended gains in March, with both ICE Brent and NYMEX West Texas Intermediate, WTI, reaching their highest since last October despite uncertainties about the supply outlook from several regions.

Intercontinental Exchange, ICE, Brent averaged a month-onmonth rise of $2.60 or 4 percent to $67.03 per barrel while New York Mercantile Exchange, NYMEX, WTI rose $3.19 or 5.8 percent to $58.17 per barrel.

However, year-to-date, ICE Brent was $3.40 or 5.1 percent lower at $63.83 per barrel and NYMEX WTI was $7.99 or 12.7 percent lower at $54.90 per barrel.

The newly-released data by OPEC showed that the ORB rallied in March for the third consecutive month amid strengthening oil market fundamentals and improving

market sentiment.

OPEC and participating non-OPEC countries have improved their conformity levels with their production adjustment in February 2019 to almost 90 percent, which is up from 83 percent in the month of January.

Month-on-month, the ORB closed March at $66.37 per barrel, its highest since October 2018, after hovering around $67 per barrel on daily basis.

Throughout the month, prices were bolstered by strong physical crude demand, especially from Asia Pacific, and lower crude availability due to persistent geopolitical tensions, as well as expectations for continued market balancing by OPEC and participating nonOPEC producing countries.