OPEC said Friday that its daily crude basket price went up 73 cents last Thursday to settle at USD 55.72 pb, compared to USD 54.99 pb the day before.
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The organization’s bulletin noted the 2019 annual average price was USD 64.04 pb.
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 to increase crude production cuts by 500,000 bpd to raise reduction of output to 1.7 mbpd until first quarter of this year.
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