(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Nov 24 (KUNA) -- The price of OPEC basket of crudes went down USD 1.1 cents to USD 85.19 per barrel (pb) on Wednesday, from USD 86.20 pb Tuesday, the OPEC Secretariat said on Thursday.
The organization's bulletin added that the overall annual average of the cartel was USD 69.89 pb.
The OPEC+ coalition decided on October 5 to decrease the rates of oil production by two million barrels on a daily basis, starting this November.
The coalition's oil ministers said the decision was due to uncertainty over the global economic outlook and the oil market.
In its recent periodic report, OPEC expected an increase in global demand for oil by 2.7 million barrels per day (bpd) to 103 million bpd next year, compared to 100.3 million bpd this year. (end)
amq.aai
MENAFN24112022000071011013ID1105228441
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.