The price of OPEC basket of fourteen crudes stood at US$55.59 a barrel on Thursday, compared with $56.07 the previous day, according to OPEC Secretariat calculations, WAM reported.

The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), and Merey (Venezuela).

In an effort to prop up prices, OPEC started reducing output by about 1.2 million bpd on Jan. 1 in its first supply cut since 2008. Nigeria and Libya were exempted from the curbs.

A September survey published by Reuters indicated output from the 13 OPEC members originally part of the deal rose by 60,000 bpd from August. Supply from the 11 members with production targets under the
original accord increased by 40,000 bpd.

Compared with the levels from which they agreed to cut, in most cases their October 2016
production, the 11 members have reduced output by 998,000 bpd of the pledged 1.164 million bpd.
That equates to 86 percent compliance, down from 89 percent in August.

August’s total was revised down by 20,000 bpd after a change to the Libyan estimate.