The OPEC daily basket price stood at USD 67.07 a barrel Wednesday, compared with USD 67.54 the previous day, the organization said Thursday.
The average annual rate of the OPEC basket hit USD 52.43 a barrel, OPEC said in a press statement.
OPEC’s Reference Basket of Crudes (ORB) is made up of Kuwait Export (Kuwait), Saharan Blend (Algeria), Iran Heavy (Iran), Basra Light (Iraq), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), Merey (Venezuela), Girassol (Angola), and Oriente (Ecuador).
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.
A Joint Ministerial Monitoring Committee (JMMC) said during a meeting in Vienna in September that commitment to the deal hit a record, 116 percent
Source: Kuwait News Agency