(MENAFN- Kuwait News Agency (KUNA)) VIENNA, June 27 (KUNA) -- Price of OPEC's 14-crude basket moved up 54 cents to reach USD 72.69 per barrel on Tuesday (yesterday) against USD 72.15 pb on Monday, the organization news bulletin said on Wednesday.
The basket monthly average rate, in May, reached USD 74.11 pb, compared to USD 68.43 pb in April. The price, since start of the year till the past weekend, stood at USD 73 pb. As to the average annual rate, it was set at USD 52.43 pb.
OPEC's 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).
Ministers and officials from member states of the Organization of Petroleum Exporting Countries and others from outside the bloc agreed, at a meeting in Vienna last Saturday, on upholding an agreement among the OPEC ministers at their 174th meeting to increase crude output by one million barrels per day.
In late 2016, OPEC and non-OPEC producers agreed to slash the production by 1.8 million bpd. The output cut lead to significance hike of the crude prices. (end) amg.rk
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