OPEC oil price at USD 61.04 pb

VIENNA: Price of OPEC’s basket of 14 crudes rose 37 cents to USD 61.04 per barrel Wednesday compared to USD 60.67 pb Tuesday.

The Organization of Petroleum Exporting Countries said in its bulletin on Thursday that the average annual rate of the crude oil, in 2019, stood at USD 64.04 pb.

OPEC and non OPEC oil producing states agreed in December to cut the crude production further by 500,000 barrels a day, bringing the total output slash to 1.7 million bpd, effective early this year till end Q3 2020.

Outbreak of the coronavirus in China, the globe second top consumer of the crude oil, has affected the oil prices.

Some fuel-powered transports in China have been suspended due to lockdown on a number of towns and cities.

The OPEC Reference Basket of Crudes (ORB) is made up of 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).

Source: Kuwait News Agency