VIENNA, Feb 19 (KUNA) -- The Organization of Petroleum Exporting Countries (OPEC) said here Thursday that the price of its 12-crude basket on Wednesday fell by USD 1.75 to USD 38.14 per barrel against USD 39.89 in the day before.
The OPEC's bulletin said that the annual average of the basket for the year 2008 was USD 95.45 pb.
OPEC basket, which is a reference for the organization concerning the production policy, includes 13 crude, namely: 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 BCF 17 (Venezuela).
The cartel is predicted to decide a further output cut during its coming meeting mid-March in a bid to curtail the slump in crude prices.
But, the Paris-based International Energy Agency, which gives advice to consuming countries, has recently urged the OPEC to refrain from deciding any further drop in production.
On December 17, 2008, the cartel, which produces two thirds of the world's consumption of oil, reduced its output by 2.2 million barrels a day, which pushed that total output cut in 2008 to 4.2 million barrels in a bid to reverse the downward trend of oil prices.
Copyright Kuwait News Agency 2009.
