OPEC basket price up USD to 74.22 pb

The OPEC daily basket rose 60 cents to USD 74.22 a barrel last Friday, compared with USD 73.62 last Thursday, OPEC said Monday.

The average monthly rate of the OPEC basket price hit USD 74.11 a barrel in May against USD 68.43 in April, said an OPEC statement.

The average annual rate of the OPEC basket price amounted to USD 52.43 a barrel in 2017, 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 (Iraq0, 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, plus Russia, agreed in late 2016 to cut output by 1.8 million barrels daily to stabilize world oil markets.

The Joint Ministerial Monitoring Committee said during a meeting that commitment to the deal hit a record 152 percent.

It also noted in a recent report that OPEC and non-OPEC countries had started 2018 with an outstanding conformity level with their voluntary production adjustments

Source: Kuwait News Agency