OPEC bas­ket sta­ble at $46.80 pb

Kuwait Times - - BUSINESS -

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.

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