OPEC basket up to USD 62.82 pb

VIENNA, The price of the OPEC basket went up by 56 cents Tuesday to reach USD 62.82 per barrel in contrast two USD 62.26 pb the day before, said the International organization Wednesday.

According to the OPEC bulletin, the annual average price of the basket last year was USD 52.43 pb.

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), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Oil ministers from inside and outside of OPEC agreed on July 2 to extend a decision to cut production for an additional period of nine months, ending by March 31, 2020.

Through the resolution, OPEC members aim to focus on a stable and balanced oil market in favor of producers, consumers and the global economy.

Under an agreement between OPEC ministers and independent producers, OPEC will cut output by 800,000 barrels per day (bpd), or 2.5 percent of the output of each member state.

The 11 non-OPEC countries will also cut production by 400,000 bpd, or two percent of their output.

Source: Kuwait News Agency