OPEC basket price down to USD 61.01 pb

VIENNA, The price of OPEC basket of fourteen crudes stood at USD 61.01 a barrel on Wednesday, compared with USD 62.56 the previous day, said the international oil organization on Thursday.

The annual average of the OPEC basket price hit USD 52.43 pb in 2018, it said in a release.

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 Heavy (Iran), Basara Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC members and independent producers had agreed to cut output by 800,000 barrels per day, making up 2.5 percent of each member’s production.

Source: Kuwait News Agency