The price of Organisation of Petroleum Exporting Countries, OPEC basket of 14 crudes stood at $66.19 a barrel on Thursday, compared with $65.39 the previous day, according to OPEC Secretariat calculations.
In a statement obtained by Nigerian NewsDirect, the organisation disclosed that: ‘’the OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), 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), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).’’
It also added in its lates report that: ‘’Outstanding performance by participating OPEC-non-OPEC countries leads to highest ever conformity level.
‘’Participating OPEC and non-OPEC producing countries have set a new record in February with their voluntary production adjustments, achieving a level of 138 per cent, according to the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC).
‘’The Declaration of Cooperation continues to have a transformative effect on the global oil industry. Participating countries, working in concerted action, have once again demonstrated their dedication to expediting the rebalancing of the oil market. This has benefitted a broad range of energy stakeholders, including producers and consumers, as well as the world economy.
‘’February continued the accelerated rebalancing path witnessed in recent months. OECD commercial stocks fell to 2,855 mb in February, further reducing the global inventory glut.
‘’Given the success of the Declaration of Cooperation, the JMMC called on participating countries to consider further opportunities to institutionalize their collaboration.
‘’The Committee stressed that all participating countries should strive to achieve or exceed full conformity with their voluntary production adjustments. The next meeting of the JMMC will take place in Jeddah, Saudi Arabia, in April 2018.’’