OPEC price stands at USD 79.02 pb

VIENNA, The OPEC daily basket price stood at USD 79.02 a barrel Tuesday, compared with USD 79.31 the previous day, OPEC said on Wednesday.

The average annual basket price hit USD 52.43 a barrelt, it said in a release.

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

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

Source: Kuwait News Agency