Business & Finance

OPEC oil price down to USD 64.51 pb

VIENNA, The OPEC daily basket price plummeted to USD 64.51 a barrel Wednesday, compared with USD 67.01 the previous Friday, OPEC said on Thursda.

The average annual rate of the OPEC basket price hit USD 52.43 pb in 2017.

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), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

The ministers of oil-exporting countries, OPEC and non-OPEC, including Russia agreed on September 23 in Algeria to maintain the agreement reached at the 174th session meeting in Vienna to reduce output in order to ensure supplies and address any potential shortage.

In 2016, OPEC and non-OPEC countries decided in Vienna to reduce production by 1.8 million barrels per day to stabilize the world’s oil market so that oil prices would recover.

Source: Kuwait News Agency