OPEC oil price up to USD 58.94 pb

VIENNA, Feb 3 (KUNA) Price of OPEC’s basket of 14 crudes rose 14 cents to USD 58.94 per barrel Friday, compared to USD 58.80 pb Thursday, the cartel said on Monday.

The Organization of Petroleum Exporting Countries (OPEC) said in its bulletin on Monday that the average annual rate of the crude oil, in 2019, stood at USD 60.29 pb.

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).

OPEC and non OPEC oil producing states agreed in January 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.

Source: Kuwait News Agency