The Joint Ministerial Monitoring Committee held its first Teleconference meeting were it reviewed   reports on market development.  The cost of raw petroleum has dropped from $87 to $73 per barrel in the worldwide market as the Organization of Petroleum Exporting Countries, OPEC and non-OPEC individuals move to consent to its ongoing choice on provisions.

OPEC and non-OPEC individuals as of late chose to drop its high oil cut consistence which came to as high as more than 100 for every penny with a specific end goal to balance out the market. Thusly, the cost of Brent and WTI dropped from $78.50 to $73.07 and $70.0 to $68.26 per barrel separately. The cost of OPEC bushel of 15 crudes likewise remained at $70.91 a barrel on Thursday, contrasted and $69.98 the earlier day, as indicated by OPEC Secretariat figurings.

The OPEC Reference Basket of Crudes (ORB) is comprised of the accompanying: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), 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).