(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Oct 27 (KUNA) -- The price of the OPEC crude basket went up by 12 cents to USD 56.45 pb Thursday, compared to USD 56.33 pb a day before, said the international organization on Friday.
OPEC added that the average annual rate of the basket, in 2016, stood at USD 40.76 pb.
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 this year, and was later extended for nine months as of July 1, 2017.
A Joint Ministerial Monitoring Committee (JMMC) said in a meeting in Vienna in September that commitment to the deal hit a record, 116 percent. (end) amq.msa
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