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OPEC crude price up to USD 114.87 pb.

| VIENNA, Sept 17 (KUNA) -- Price of OPEC's 12-crude basket went up by USD 1.

40 to USD 114.87 per barrel (pb) on Friday compared to USD 113.47 pb on Thursday, the OPEC bulletin (OPECNA) reported on Monday.

Organization of Petroleum Exporting Countries News Agency said average annual price of the basket of the past year stood at USD 107.46 pb.

Oil minister of OPEC's member states decided, at a meeting held in the middle of June, to maintain production ceiling at 30 million barrels per day despite a market glut, estimated at more than one million barrels per day, with emphasis that the producers in the cartel abide by the output quotas, set for each country.

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 (Venezuela). (end) amg.rk KUNA 171222 Sep 12NNNN

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Publication:Kuwait News Agency (KUNA)
Date:Sep 17, 2012
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