OPEC basket price up to USD 70.66 pb

VIENNA, The OPEC daily basket price stood at USD 70.66 a barrel Friday, compared with USD 69.66 the previous day, the cartel said on Monday.

The monthly average of the OPEC basket price hit USD 70.78 pb in April against USD 66.37 pb in March, it said in a statement.

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).

OPEC members and independent producers had agreed to cut output by 800,000 barrels per day, making up 2.5 percent of each member’s production.

Eleven non-OPEC countries had also vowed to slash production by 400,000 bpd, which constitutes 2 percent of every non-OPEC members.

Source: Kuwait News Agency