Miscellaneous

OPEC basket price down to USD 55.88 pb

VIENNA The OPEC daily basket price stood at USD 55.88 a barrel Tuesday, compared with USD 56.11 the previous day, the cartel said on Wednesday.

The annual average of OPEC basket price hit USD 64.04 pb last year, it said in a press statement.

The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC and non OPEC countries, known as OPEC+, signed an agreement on December 6, 2019 to increase production cuts by 500,000 bpd to raise the reduction of their output to 1.7 million bpd until the first quarter of this year

Source: Kuwait News Agency