OPEC price down to USD 61.50 pb

VIENNA– The OPEC daily basket price went down USD 1.25 to reach USD 61.50 per barrel (pb) on Wednesday, compared with USD 62.75 pb last Tuesday, the OPEC said Thursday.

The average annual rate of the basket, in 2016, hit USD 40.76 pb, it added.

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).

Source: Kuwait News Agency