OPEC Basket Price Down

Media IN VIENNA, May 24 2019

The OPEC daily basket price stood at USD 68.56  a barrel Thursday, compared with USD 71.03 the previous day, the cartel said on Friday.

The annual average of the OPEC basket price hit USD 52.43 pb in 2018.

OPEC members and independent producers had agreed to cut output by 800,000 barrels per day, making up 2.5 percent of each member’s production.

Eleven non-OPEC countries had also vowed to slash production by 400,000 bpd, which constitutes 2 percent of each non-OPEC member’s output.