Published On: Wed, Jan 28th, 2015

OPEC’s basket down 79 cents, reaching USD 42.90 pb

oil

oil

The price of OPEC’s crude basket down by 79 cents on Monday, reaching USD 42.90 per barrel (pb), compared to USD 43.69 pb on Friday, said OPEC on Tuesday.
Meanwhile, the organization said that the annual rate for the basket’s price of 2014 was USD 96.29 pb.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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 (Venez).
During their recent annual meeting, OPEC oil ministers decided to maintain the cartel’s production level at 30 million barrels per day.

Source : KUNA Kuwait News agency

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