Market

OPEC price stands at USD 71.85 pb

Price of OPEC’s 14-crude basket went up 28 cents to reach USD 71.85 per barrel (pb) on Monday, compared with USD 71.57 pb last Friday, the organization news bulletin said on Tuesday.

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