(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Nov 16 (KUNA) -- OPEC's crude prices rose on Thursday by 77 cents to reach USD 65.28 per barrel compared to 51.51 per barrel last Wednesday, the Organization of Petroleum Exporting Countries (OPEC) said on Friday.
The annual rate of the OPEC basket price for last year was USD 52.43 per barrel, it said.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), 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).
The ministers of oil-exporting countries, OPEC and non-OPEC, including Russia agreed on September 23 in Algeria to maintain the agreement reached at the 174th session meeting in Vienna to reduce output in order to ensure supplies and address any potential shortage.
In 2016, OPEC and non-OPEC countries decided in Vienna to reduce production by 1.8 million barrels per day to stabilize the world's oil market so that oil prices would recover. (end) amq.aa
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