OPEC oil price up to $51.29 pb

Kuwait Times - - BUSINESS -

The Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries (OPEC) daily bas­ket price rose by 33 cents to $51.96 per bar­rel (pb) last Fri­day, com­pared with $50.96 pb on Thurs­day, the or­ga­ni­za­tion said yes­ter­day. The OPEC bul­letin added that the monthly rate of its bas­ket price for Novem­ber was $43.22 pb, while Oc­to­ber rate was 47.87. The bul­letin also added that the an­nual rate of its bas­ket price was $49.49 pb. Dur­ing a re­cent meet­ing, OPEC mem­bers agreed to cut down pro­duc­tion by 1.2 mil­lion bar­rels per day as of early Jan­uary 2017, while non-OPEC mem­bers vowed to curb their out­put by 600,000 bpd, in­clud­ing 300,000 bpd from Rus­sia.

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