OPEC basket price down to USD 61.37 pb

VIENNA, The OPEC daily basket price stood at USD 61.37 a barrel Friday, compared with USD 61.57 the previous day, the cartel said on Monday.

The monthly average of the OPEC basket price hit USD 58.74 pb in January, compared with USD 56.94 pd in December.

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 (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Global oil prices have been affected by concerns about oversupply and low demand for oil amid growing uncertainty due to world economic growth. (end) OPEC and non-OPEC members, mainly Russia, are expected to meet in Vienna in April to weigh the development of the global oil market following a recent joint resolution to cut output by 1.2 million barrels per day.

Source: Kuwait News Agency