OPEC oil price stands at $42.22 pb

Kuwait Times - - BUSINESS -

VI­ENNA:

The OPEC daily bas­ket price stood at $42.22 a bar­rel Tues­day, com­pared with $41.98 the pre­vi­ous day, the OPEC said. The an­nual aver­age of the OPEC bas­ket price for 2015 hit USD 49.49 pb, it said in a state­ment yes­ter­day. Dur­ing their re­cent meet­ing in Al­giers, OPEC oil min­is­ters had agreed to cut the pro­duc­tion level be­tween 32.5 and 33 mil­lion bar­rel per day, in or­der to ac­cel­er­ate the on­go­ing draw­down of the stock over­hang and bring the rebalancing for­ward.

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