OPEC basket price down to USD 24.74 pb

1/18/2016 7:53:19 AM

(MENAFN- Kuwait News Agency (KUNA)) VIENNA Jan 18 (KUNA) -- The OPEC daily basket price stood at USD 24.74 a barrel Friday compared with USD 25.00 the previous day the OPEC said on Monday.The OPEC montlhy average price hit USD 33.64 pb in December against USD 40.50 pb in November it said.The OPEC yearly average price amounted to USD 49.64 pb last year it added.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.mt

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