OPEC basket stable at $46.80 pb
OPEC daily basket price stood at $46.80 per barrel (pb) on Monday after climbing by 40 cents, compared with $46.40 pb last Friday, said the international organization yesterday. The basket’s annual price for 2016 was at $40.76 pb, it added. OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine. (Qatar), Arab Light (Saudi Arabia), Murban (UAE), Merey (Venezuela), Girassol (Angola), and Oriente (Ecuador). A gathering between OPEC oil ministers and their counterparts from outside the organization have reached an agreement last May to continue the decrease of production for additional nine months to end by March of the year 2018 with 1.8 mbpd.