(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Nov 24 (KUNA) -- The OPEC daily basket price stood at USD 60.14 peb barrel on Thursday, compared with USD 61.09 pb on Wednesday, OPEC said on Friday.
The average annual rate of the basket, in 2016, hit USD 40.76 pb, it added in a 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 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) amg.mt
MENAFN2411201700710000ID1096143324
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.