OPEC basket price down to USD 62.56 pb

VIENNA, The price of OPEC basket of fourteen crudes stood at USD 62.56 a barrel on Tuesday, compared with USD 63.01 the previous day, according to OPEC Secretariat calculations, said the organizationon Wednesday.

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