OPEC basket price down to USD 25.11 pb

(MENAFN- Kuwait News Agency (KUNA)) VIENNA Jan 27 (KUNA) -- The OPEC daily basket price stood at USD 25.11 a barrel Tuesday compared with USD 25.58 the previous day the OPEC said on Wednesday.The annual average of the OPEC basket price hit USD 49.64 pb it added.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria) Girassol (Angola) Oriente (Ecuador) 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).During their recent meeting in Vienna in late 2015 OPEC member countries had decided to maintain their production at 30 million barrels per day (bpd) despite a surplus in the market estimated at over a million barrels. (end) amg.mt