The price of OPEC basket of fourteen crudes stood at $47.11 a barrel on Tuesday, compared with $46.01 the previous day, according to OPEC Secretariat calculations on Wednesday.
This comes as oil prices score on Tuesday their biggest single-session gain of the year. News of cuts to oil-and-gas exploration spending and signs of a potential slowdown in US output played roles in the bullish shift in sentiment.
On Monday, Saudi Arabia said at a meeting in Russia that it would cut August exports to 6.6 million barrels a day, a million barrels less than a year earlier.
Separately, Nigeria, which isn’t part of the production-cut agreement led by the Organization of the Petroleum Exporting Countries, also promised to limit its daily production to 1.8 million barrels.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).