OPEC price stands at USD 69.98 pb

Price of OPEC’s 14-crude basket went down 40 cents to reach USD 69.98 per barrel (pb) compared with USD 70.38 pb last Tuesday, the organization news bulletin said on Thursday.

The annual rate for OPEC basket was USD 52.43 pb, OPEC noted.

OPEC’s 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 (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Members of OPEC (Organization of Petroleum Exporting Countries), as well as non-members, agreed at a Vienna meeting on June 22 on upholding the deal made during the bloc’s 174th meeting of increasing crude output by one million barrels per day.

Source: Kuwait News Agency