OPEC oil price down by 86 cents to USD 27.86 pb
(MENAFN- Kuwait News Agency (KUNA)) VIENNA Jan 8 (KUNA) -- The OPEC daily basket price decreased by 86 cents to USD 27.85 a barrel Thursday compared with USD 29.71 the previous day the OPEC said on Friday.The yearly average of the OPEC's basket price hit USD 49.64 pb in 2015 it said.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria) Girassol (Angola) Oriente (Ecuador) Iran Heavy (Islamic Republic of Iran) Basra Light (Iraq) Kuwait Export (Kuwait) Es Sider (Libya) Bonny Light (Nigeria) Qatar Marine (Qatar) Arab Light (Saudi Arabia) Murban (UAE) and Merey (Venezuela).During their recent meeting in Vienna OPEC member countries had decided to maintain their production at 30 million barrels per day (bpd) despite a surplus in the market estimated at over a million barrels. (end) amg.hs
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