The price of OPEC basket of fourteen crudes stood at $61.03 a barrel on Friday, compared with $60.12 the previous day, according to OPEC Secretariat calculations.
This comes as oil prices fell on Monday as last week’s rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets, according to Reuters.
The number of rigs drilling for new oil output in the United States rose by two in the week to Dec.8, to 751, the highest level since September, General Electric Co’s Baker Hughes energy services firm said on Friday.
A higher rig count points to a further rise in US crude production, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd).
That’s the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia.
Rising US output threatens to undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies.
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).