The price of OPEC basket of thirteen crudes stood at $14.36 a barrel on Wednesday, compared with $12.41 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Meanwhile, Oman has announced its oil production adjustment plans effective 1 May 2020.

Dr Mohammed Bin Hamad Al-Rumhy, Minister of Oil and Gas of the Sultanate of Oman, notified Mr Mohammad Sanusi Barkindo, OPEC Secretary-General, of the Sultanate's plans to voluntarily adjust oil production as part of its commitment to the Declaration of Cooperation.

The announced voluntary adjustments are based on the agreements reached at the 9th (Extraordinary) OPEC and non-OPEC Ministerial Meeting held on 9 April 2020 and the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting held on 12 April 2020.