Market

OPEC oil price at USD 62.39 pb

VIENNA, OPEC daily basket price stood at USD 62.39 a barrel Wednesday (November 6) compared with USD 62.57 the previous day, the organization said in its bulletin on Thursday.

Average annual rate of the OPEC crudes, last year, stood at USD 52.43 pb.

OPEC and non-OPEC crude producers agreed, on July 2, extending mandate of a resolution for trimming the oil output for another nine months ending by March 31, 2020.

The crudes’ output, according the deal, should be dropped by 800,000 pd, 2.5 percent of each member states in the organization. Those outside it were supposed to cut their output by 400,000 barrels a day, two percent of each country’s production of the crude oil.

Oil prices have been fluctuating upward and downward due to various geopolitical and psychological factors.

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).

Source: Kuwait News Agency