OPEC basket price up to USD 58.35 pb

VIENNA OPEC daily basket price stood at USD 58.35 a barrel Wednesday, going up by 67 cents compared with USD 56.68 per barrel the previous day, said a statement by the International oil cartel Thursday.

The annual average of OPEC basket price hit USD 64.04 pb last year.

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