(MENAFN- Kuwait News Agency (KUNA)) GENEVA, March 23 (KUNA) -- The price of the OPEC basket of crudes was down by 95 cents to USD 48.28 per barrel Wednesday after being at USD 49.23 the day before, said the international organization Thursday.
According to OPEC's bulletin, the annual rate of the organization's basket last year was at USD 40.76 pb.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), 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), Merey (Venezual), Girassol (Angola) and Oriente (Ecuador).
OPEC's joint ministerial committee, tasked with overseeing the output, said in a report last January that commitment by the member states toward the deal to cut the production was in the range of 86 percent, noting that there were prospects of lifting the level by 100 percent.
The committee was formed after OPEC and non-OPEC crude oil producers agreed on January 22nd on placing a supervision mechanism to oversee the member states' crude output. They had agreed to slash the production by 1.758 million bpd.
The committee will hold a ministerial meeting in Kuwait on March 25-26. (end) amg.gta
MENAFN2303201700710000ID1095339007
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.