OPEC basket price down to USD 62.69 pb

The OPEC daily basket price stood at USD 62.69 a barrel Thursday, compared with $64.30 the previous day, the organization said Friday.

The average annual rate of the OPEC basket pricet hit USD 52.43 a barrel, it said in a press release.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), 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), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC, and non-OPEC producers, with Russia on top, agreed late in 2016 to cut output by 1.8 million barrels daily to stabilize the world oil markets. A six-month agreement came into effect on January 1, 2017, and was later extended for nine months as of July 1, 2017.

The Joint Ministerial Monitoring Committee (JMMC) said during a meeting in Muscat in January that commitment to the deal hit a record, 129 percent

Source: Kuwait news Agency