Market

OPEC oil price up to USD 63.44 pb

VIENNA, OPEC daily basket price went up 32 cents to USD 63.44 per barrel Monday, compared with USD 63.12 pb the day before, the organization said in its bulletin Tuesday.

The average annual rate of the OPEC crudes stood at USD 52.43 pb in 2018.

Last July, OPEC and non-OPEC members agreed on extending a mandate of a resolution for trimming down output for another nine months ending March 31, 2020.

The crudes’ output, according the deal, should be dropped by 800,000 bpd; 2.5 percent of each member state in the organization. Those outside were supposed to cut their output by 400,000 bpd, two percent of each country’s oil production.

Oil prices have been fluctuating 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