OPEC basket price up 44 cents to USD 110.27 pb

The Organization of the Petroleum Exporting Countries (OPEC) said here Monday that the price of its 12 crude-basket rose by 44 cents to USD 110.27 pb on Friday from USD 109.83 pb on Thursday. The annual basket price for 2010 was USD 77.45 pb, according to the daily bulletin of the global cartel issued here. The Opec basket comprises 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). OPEC oil ministers will hold their regular ministerial meeting here on June 8, to discuss the market's supply and demand and a possible new output ceiling.