OPEC oil price up seven cents to USD 48.15 pb

VIENNA, Oct 25 (KUNA) -- Price of OPEC's basket of crudes went up seven cents on Monday settling at USD 48.15 per barrel, compared to USD 48.08 pb on Friday, according to OPEC's bulletin on Tuesday.
The 170th (Extraordinary) Meeting of the OPEC Conference had opted for an OPEC-14 production target ranging between 32.5 and 33.0 million barrel per day, in order to accelerate the ongoing drawdown of the stock overhang and bring the rebalancing forward.
The average annual rate of OPEC's crude of the past year stood at USD 49.49 per barrel.
The 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).(end) amq.tg