The Organization of the Petroleum Exporting Countries (OPEC) in its July Monthly Oil Market Report (MOMR) said that the US dollar (USD) generally declined against major currencies in June. It decreased by 3.1%, 1.9%, and by 1.7% against the euro, Swiss franc, and pound sterling, respectively. The greenback also retreated by 0.3%, 0.2%, and 0.1% versus the yen, yuan, and rupee, respectively. Against Russian ruble, Brazilian real, and Mexican peso, the USD weakened by 4.6%, 7.9%, and 5.2%, respectively.
In nominal terms, the price of the OPEC Reference Basket (ORB) rose by $11.88 (47.2%) from $25.17/barrel in May to $37.05/barrel in June. However, in real terms, the ORB increased to $23.98/barrel in June from a revised $16.62/barrel in May (base June 2001=100) after accounting for inflation and currency fluctuations Over the same period, the USD weakened by 1.8% against the import-weighted modified Geneva I + USD basket, while inflation increased by 0.2% month-on-month.
