OPEC basket down to USD 48.45 pb

VIENNA, Aug 16 (KUNA) -- OPEC's daily basket price declined by a dollar and one cent to stand at USD 48.45 per barrel (pb) on Tuesday, compared to USD 49.46 pb the previous day, said the international organization Wednesday.
The basket's annual price for 2016 was at USD 40.76 pb, it added.
OPEC's Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Iran Heavy (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).
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) said during a recent meeting in Saint Petersburg in Russia that significant progress has been made in limiting oil production this year. (end) amg.nam