LOC14:55
11:55 GMT
VIENNA, Dec 17 (KUNA) -- The OPEC daily basket price stood at USD 59.07 a barrel Friday, compared with USD 58.67 the previous day, the cartel said on Monday.
The monthly average of the OPEC basket price hit USD 65.33 per barrel in November, compared with USD 79.39 (pb) in October, it said in a statement.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: 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).
The fifth OPEC and non-OPEC Ministerial Meeting had decided to adjust the overall production by 1.2 million barrels per day effective as of January 2019 for an initial period of six months.
The decision followed three days of deliberations among representatives of 24 countries on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019.
The decision, based on a recommendation reached by the Joint Ministerial Monitoring Committee (JMMC) on Wednesday, is meant to restore balance to the global oil market through reducing the glut in supply. (end)
amg.mt