LOC13:32
10:32 GMT
VIENNA, Feb 22 (KUNA) -- OPEC daily basket price stood at USD 53.88 a barrel Tuesday, compared with USD 53.49 the previous day, said a statement by the organization Wednesday.
It added the 2016 average of the 12-crude basket was USD 40.76 pb.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), 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), Merey (Venezuela), Girassol (Angola) and Oriente (Ecuador).
A ministerial committee of OPEC and non-OPEC producers agreed to set up a monthly mechanism to monitor oil output.
OPEC agreed last December to lower production by 1.8 million barrels per day. (end)
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