OPEC oil price up to $51.29 pb
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.