OPEC basket price stable at USD 71.87 pb

The OPEC daily basket price stood at USD 71.87 per barrel (pb) Tuesday, compared with USD 71.09 a barrel the previous day, the organization said on Wednesday.

The average annual rate of the OPEC basket price for 2017 hit USD 52.43 pb, it added.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), 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), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC, and non-OPEC producers, with Russia on top, agreed in late 2016 to cut output by 1.8 million barrels daily to stabilize markets. A six-month agreement came into effect on January 1, 2017, and was later extended for nine months as of July 1, 2017.

The Joint Ministerial Monitoring Committee in charge of monitoring the Vienna agreement has announced during its last meeting that the commitment percentage on the deal reached a record level of 152 percent, while the commitment’s monthly average reached 107 percent during the first year since announcing the agreement.

Source: Kuwait News Agency