OPEC basket price down to USD 75.18 pb

VIENNA, The OPEC daily basket price stood at USD 75.18 a barrel Wednesday, compared with USD 75.47 a barrel the previous day, the organization said on Thursday.

The average monthly rate of the OPEC basket price hit USD 68.43 a barrel in April, compared with USD 63.76 a barrel in March, it said in a press release.

The average annual rate amounted to USD 52.43 a barrel in 2017, it added.

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 in late 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.

It said in a recent report that OPEC and non-OPEC countries had started 2018 with an outstanding conformity level with their voluntary production adjustments.

Source: Kuwait News Agency