OPEC oil price slumps $70.80 per barrel

OPEC daily basket price dropped by USD 2.90 cents to stand at USD 70.80 a barrel on Thursday, compared with USD 73.70 the previous day, said the OPEC bulletin on Friday.
It estimated the monthly average price of OPEC basket price in October at USD 85.06 pb vis-أ -vis USD 95.98 pb in September. Meanwhile, the annual rate of the OPEC basket price hit USD 105.85 pb, the OPEC said.
In their regular semi-annual 166th meeting on Thursday, OPEC ministers decided to maintain the cartel's production level at 30 million barrels per day.
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 (Venez).