Significant Rise In OPEC's Prices

Baghdad / NINA The price of OPEC basket of fourteen crudes stood at 49,35 a barrel on Thursday , within lest than 48 hours of OPEC's decision to reduce its production. The General Secretariat of the Organization of Petroleum Exporting Countries / OPEC / bulletin issued on Friday that, "The OPEC basket price was $ 49.35 per barrel compared to $ 44.80 the day before." The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), 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 Organization of Petroleum Exporting OPEC has taken last Wednesday a decision mandating reduction of the volume of oil production starting from the first of January 2017, an average of 1.2 million barrels per day in order to reach 32.5 million barrels. The resolution states that the reduction in the size of non-OPEC oil production at a rate of 600 thousand barrels per day, while Russia agreed to reduce its production to a rate of 300 thousand barrels per day. / End