VIENNA, Dec 18 (KUNA) -- The OPEC daily basket price went down by 83 cents to stand at USD 58.24 per barrel (pb) Monday as opposed to USD 59.07 pb Friday, said the international organization in its bulletin Tuesday.
According to OPEC, the annual price for its basket last year at USD 52.43 per barrel.
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)