Oil price remains bearish, reaches $75 per barrel

The price of OPEC basket of 12 crudes stood at USD 75.15 a barrel on Thursday, compared with USD 76.96 pb the previous day, the cartel said on Friday.
OPEC's news bulletin put the basket annual average price, for the past year, at USD 105.85 pb.
The cartel's 12 member states decided, last June, to maintain the output ceiling at USD 30 million barrels per day for maintaining the market stability.
OPEC's next bi-annual ministerial meeting, due on November 27, is scheduled to discuss issue of the falling prices, in shadow of supply and demand.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: 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).