OPEC price down to $121.57 pb

OPEC's daily basket price dropped 68 cents on Thursday falling to the level of USD 121.57 a barrel, compared with USD 122.25 pb the previous day. OPECNA, the news bulletin of the Organization of Petroleum Exporting Countries, said in a statement released on Friday that the average annual price of OPEC's 12-crude basket, of the past year, stood at USD 107.46 pb. OPEC's basket of crudes is made up of 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 Merey (Venezuela). Oil ministers of OPEC's member states decided, on December 14, to lift ceiling of production by the cartel producers to 30 million barrels per day.