OPEC oil price up to USD 48.58 per barrel

VIENNA, Oct 10 (KUNA) — The OPEC daily basket price stood at USD 48.58 a barrel Friday, compared with USD 47.84 the previous day, the organization said on Monday.

The monthly average of the OPEC basket price for September hit USD 42.89 pb for August, it added.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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 (Venezual).

During their recent meeting in Algiers, OPEC oil ministers had agreed to cut the production level between 32.5 and 33 million barrel per day, in order to accelerate the ongoing drawdown of the stock overhang and bring the rebalancing forward.

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