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OPEC basket price down to USD 54.01 pb

VIENNA, Feb 27 (KUNA) -- The OPEC daily basket price fell to USD 54.01 a barrel Wednesday, compared with USD 55.88 the previous day, the cartel said on Thursday.
The annual average of the OPEC basket price hit USD 52.43 pb last year, it said in a press statement.
The OPEC Reference Basket of Crudes (ORB) is made up of 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), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
OPEC and non-OPEC countries, known as OPEC+, signed an agreement on December 6, 2019 to increase production cuts by 500,000 bpd to raise the reduction of their output to 1.7 million bpd until the first quarter of this year. (end) amg.mt