Business & Finance

OPEC basket price stands at USD 64.39 pb

VIENNA, OPEC daily basket price stood at USD 64.39 a barrel Thursday, compared with USD 64.57 a barrel last Wednesday.

According to OPEC, the annual price of the organization’s basket last year reached USD 52.43 per barrel.

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 Heacy (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). The decline in the price of crude oil comes after Saudi Arabia assured the world market its reserves will suffice after the fire incident at the Aramco oil facilities was under control.

OPEC and non-OPEC oil ministers decided during the last ministerial meeting to extend their decision on reducing production for nine months ending on March 31 of 2020.

This decisions targets on focusing on a stable and balanced oil market in favor of both the producers, buyers, and the world economy.

The deal between OPEC’s oil ministers and independent oil producers aim to reduce production by 800,000 barrel per day, equivalent to 2.5 percent of each member country’s production rate.

The 11 non-OPEC member states will be reducing their production by 400,000 barrels per day, equivalent to 2 percent of each countries production rate.

Source: Kuwait News Agency