Lagos — On a yearly average, the OPEC Reference Basket, ORB, rose by $28.42 or 68.5%, in 2021.
The group said in its report for January 2022 that the increase pushed price to $69.89/b, the highest yearly average since 2014.
Despite the overall gain, the ORB averaged lower in December month-on-month, falling for the second consecutive month on lower crude benchmarks, though higher official selling prices and sustained crude differentials led to a smaller decline compared with major crude benchmarks.
In December, the ORB fell by $5.99, or 7.5%, to settle at $74.38/b, itslowest monthly value since September 2021.
All ORB component values declined in December, with West and North African Basket components – Bonny Light, Djeno, Es Sider, Girassol, Rabi Light, Sahara Blend and Zafiro – falling $7.04, or 8.8% month-on-month on average, to $73.30/b.
Multiple region destination grades such as Arab Light, Basrah Light, Iran Heavy and Kuwait Export – decreased by $5.61, or 7.0% month-on-month on average, to settle at $74.91/b. Murban crude fell by $7.49, or 9.1% month-on-month on average, to settle at $74.57/b.
Merey crude also fell by $6.32, or 10.3% m-o-m on average, to settle at 54.89/b.
Crude oil futures prices ended 2021 markedly higher compared with late 2020, with major oil futures contracts ICE Brent and NYMEX WTI rising by 50% and 55%, respectively, amid robust global economic growth of 5.5%, and a strong rebound in global oil demand in both OECD and non-OECD regions, which held at 6.2%, driven by the road transportation and petrochemical sectors.
On a yearly average, ICE Brent rose by $27.74, or 64%, to $70.95/b, its highest level since 2018, while the NYMEX WTI rose by $28.76, or 73%, to $68.11/b, its highest level since 2014, according to the report.
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