OPEC crude price drops to $ 106.84 pb

Price of OPEC's 12-crude basket went down by USD1. 15 to USD 106.84 per barrel (pb) on Thursday compared to USD 107.99 pb on Tuesday, the OPEC bulletin (OPECNA) reported on Thursday. Organization of Petroleum Exporting Countries News Agency said average annual price of the basket of the past year stood at USD 107.46 pb. Oil minister of OPEC's member states decided, at a meeting held in the middle of June, to maintain production ceiling at 30 million barrels per day despite a market glut, estimated at more than one million barrels per day, with emphasis that the producers in the cartel abide by the output quotas, set for each country. 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).