LOC15:02
12:02 GMT
VIENNA, Oct 22 (KUNA) -- Price of OPEC's 15-crude basket was down 10 cents last Friday to USD 78.15 per barrel (pb) compared with USD 78.25 pb last Thursday, the organization said in its bulletin on Monday.
The bulletin noted that the annual average price of the crudes' basket stood at USD 52.43 pb last year.
The OPEC basket comprises Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), 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)
The ministers of oil-exporting countries, OPEC and non-OPEC, including Russia agreed on September 23 in Algeria to maintain the agreement reached at a meeting in Vienna, to reduce output in order to ensure supplies and address any potential shortage.
In 2016, OPEC and non-OPEC decided in Vienna to reduce production by 1.8 million barrel per day to stabilize the world's oil markets so that oil prices would recover. (end)
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