OPEC oil price jumps by more than USD 4

Vienna, Jan 5: The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) jumped by more than USD 4 at the end of last week, the Vienna-based cartel announced Monday.

One barrel (159 litres) of OPEC-produced crude stood at USD 39.95 Friday, up from USD 35.58 on the previous Wednesday.

One of the factors behind the price hike was that OPEC members seem to be implementing production cuts that were decided in December, Vienna-based analysts JBC Energy said.

OPEC calculates an average price based on 12 brands produced by its members. Since Jan 1, Indonesia has suspended its membership and is no longer included in the basket price, as it has become a net importer of oil.