OPEC crude prices plunge to USD22.48

1/21/2016 7:39:58 AM

(MENAFN- Kuwait News Agency (KUNA)) VIENNA Jan 21 (KUNA) -- OPEC's daily basket price continued to nose-dive as it shed USD 1.37 in a day to reach USD 22.48 a barrel on Wednesday the oil-producing nations said.The OPEC Reference Basket of Crudes (ORB) is made up of Kuwait Export (Kuwait) Saharan Blend (Algeria) Girassol (Angola) Oriente (Ecuador) Iran Heavy (Islamic Republic of Iran) Basra Light (Iraq) Es Sider (Libya) Bonny Light (Nigeria) Qatar Marine (Qatar) Arab Light (Saudi Arabia) Murban (UAE) and Merey (Venezuela).OPEC oil ministers agreed in their Vienna meeting at the end of 2015 that member states would maintain a high production ceiling of 30 million barrels.They also recommended that member states cope accurately with the latest oil market developments over the coming months. (end) amq.sd

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