Market

OPEC basket price down to USD 61.98 pb

VIENNA, OPEC daily basket price went down 34 cents last Friday to stand at USD 61.98 per barrel (pb) compared to USD 62.32 pb last Thursday, the organization said Monday.

OPEC said that the monthly average price of its crude basket last October was USD 59.91 pb compared to USD 62.36 pb in September, which indicates that the price of the basket since the beginning of this year until the end of last week was USD 61.91 pb, noting that the annual average price last year was USD 52.43 pb.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: 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).

Oil ministers from inside and outside of OPEC agreed on July 2 to extend a decision to cut production for an additional period of nine months, ending by March 31, 2020.

Through the resolution, OPEC members aim to focus on a stable and balanced oil market in favor of producers, consumers and the global economy.

Under an agreement between OPEC ministers and independent producers, OPEC will cut output by 800,000 barrels per day (bpd), or 2.5 percent of the output of each member state.

The 11 non-OPEC countries will also cut production by 400,000 bpd, or 2 percent of their output.

Source: Kuwait News Agency