OPEC basket price down to USD 57.96 pb Thurs

VIENNA, OPEC daily basket price dropped 76 cents on Thursday to stand at USD 57.96 per barrel (pb) compared with USD 58.72 pb the previous day, the oil organization said on Friday.

OPEC on its daily bulletin, said the annual average price of its crude bakset was USD 52.43 pb.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heacy (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).

OPEC and non-OPEC oil ministers decided during the last ministerial meeting in July to extend their agreement on reducing production for nine months ending on March 31 of 2020.

This decision targets a stable and balanced oil market in favor of both the producers, buyers, and the world economy.

The deal between OPEC and non-OPEC producers aims at reducing production by 800,000 barrel per day from the cartel only, or 2.5 percent of each member country’s production.

The 11 non-OPEC member states will be reducing their production by 400,000 barrels per day, equivalent to two percent of each countries production rate.

Source: Kuwait News Agency