VIENNA, March 20 (KUNA) -- OPEC daily basket price fell by 34 cents to USD 49.36 a barrel on Friday, compared with USD 49.36 per barrel on Thursday, OPEC said.
Annual price in the past year averaged USD 40.76 pb, the organization said in a release on Monday.
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 (Venezual), Girassol (Angola) and Oriente (Ecuador).
OPEC's joint ministerial commission, tasked with overseeing the output, said in a report last January that commitment by the member states toward the deal to cut the production was in the range of 86 percent, noting that there were prospects of lifting the level by 100 percent.
The committee was formed after OPEC and non-OPEC crude oil producers agreed on January 22nd on placing a supervision mechanism to oversee the member states' crude output. They had agreed to slash the production by 1.758 million bpd.
The committee will hold a ministerial meeting in Kuwait on March 25-26. (end)