Organization Of Petroleum Exporting Countries (OPEC) said on Thursday that the price of its basket of crudes dropped USD 1 and five cents, reaching USD 88.32 per barrel on Wednesday, compared to USD 89.37 pb on Tuesday.
OPEC noted that the annual rate of the basket's price of 2013 was USD 105.85 pb.
The OPEC reference basket of crudes includes 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).
June, OPEC's Ministers of Oil have decided to keep the production rate for the 12 member countries at 30 million barrel per day, in order to keep the balance and stability in the international oil markets.