(MENAFN- Kuwait News Agency (KUNA)) VIENNA, May 22 (KUNA) -- The OPEC daily basket price stood at USD 71.71 a barrel Tuesday; down 76 cents from its USD 72.47 the day before, the organization said Wednesday.
The annual average of the OPEC basket price hit USD 52.43 pb in 2018, it said in a release.
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 (Iran), Basara Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
OPEC members and independent producers had agreed to cut output by 800,000 barrels per day, making up 2.5 percent of each member's production.
Eleven non-OPEC countries had also vowed to slash production by 400,000 bpd, which constitutes two percent of every non-OPEC member. (end)
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