(MENAFN- Kuwait News Agency (KUNA)) VIENNA, May 25 (KUNA) -- The OPEC daily basket price rose 19 cents on Thursday to stand at USD 76.62 a barrel, compared with USD 76.43 a barrel on Wednesday, the organization said on Friday.
The average monthly rate of the OPEC basket price hit USD 68.43 a barrel in April, compared with USD 63.76 a barrel in March, it said in a press release.
The basket's price from the beginning of 2018 until end of last week was recorded at USD 73.62, while the annual rate amounted to USD 52.43 a barrel in 2017, it added.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
OPEC, and non-OPEC producers, with Russia on top, agreed in late 2016 to cut output by 1.8 million barrels daily to stabilize the world oil markets. A six-month agreement came into effect on January 1, 2017, and was later extended for nine months as of July 1, 2017.
The Joint Ministerial Monitoring Committee (JMMC) said during a meeting in Muscat in January that commitment to the deal hit a record, 129 percent.
It said in a recent report that OPEC and non-OPEC countries had started 2018 with an outstanding conformity level with their voluntary production adjustments. (end) amq.ag
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