OPEC basket price up to USD 64.16 pb

The OPEC daily basket price went up by USD 1.8 to USD 64.16 per barrel on Friday, compared with USD 63.08 pb the previous day, OPEC said Monday.

The average monthly rate of the OPEC basket price hit USD 66.85 a barrel in January, compared with USD 62.06 pb in December, 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.

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