VIENNA, Jan 29 (KUNA) -- Price of OPEC's basket of 14 crudes fell by 31 cents to USD 60.67 per barrel Tuesday compared to USD 61.98 pb Monday.
The Organization of Petroleum Exporting Countries said in its bulletin on Wednesday that the average annual rate of the crude oil, in 2019, stood at USD 64 pb.
OPEC and non OPEC oil producing states agreed in December to cut the crude production further by 500,000 barrels a day, bringing the total output slash to 1.7 million bpd, effective early this year till end Q3 2020.
Outbreak of the coronavirus in China, the globe second top consumer of the crude oil, has affected the oil prices.
Some fuel-powered transports in China have been suspended due to lockdown on a number of towns and cities. (end)