OPEC Basket Price Down USD 29 Cent To USD 83.13 Pb

(MENAFN– Kuwait News Agency (KUNA)) VIENNA, Dec 1 (KUNA) — The price of OPEC basket of crudes went down USD 29 cents to USD 83.13 per barrel (pb) on Wednesday, from USD 83.42 pb Tuesday, the OPEC Secretariat said on Thursday.
The organization’s bulletin added that the overall annual average of the cartel was USD 69.89 pb.
The OPEC+ coalition decided on October 5 to decrease the rates of oil production by two million barrels on a daily basis, starting this November.
The coalition’s oil ministers said the decision was due to uncertainty over the global economic outlook and the oil market.
In its recent periodic report, OPEC expected an increase in global demand for oil by 2.7 million barrels per day (bpd) to 103 million bpd next year, compared to 100.3 million bpd this year. (end)
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