VIENNA: The Organization of the Petroleum Exporting Countries (OPEC) is facing pressure to inject more oil into the world market in a bid to rein in controllably surging oil prices worldwide. The group now produces 30 million barrels of oil per day, while US crude oil prices exceeded the $100 mark. The OPEC said here Friday its 12 crude-basket fell $1.53 to $109.91 Thursday. The annual basket price for 2010 was $77.45 according to the daily bulletin of the global group 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 are set to hold a regular ministerial meeting here on June 8 to mull the market's supply and demand and a possible new output ceiling. Oil slipped Friday ahead of a key US jobs report, which could feed debate over whether the world's top economy is headed for a protracted slowdown. The United States is the second-biggest energy consumer after China. Any further economic slowdown could hit consumer spending, leading to lower fuel use. By 1203 GMT, Brent crude futures fell $1.19 to $114.35 a barrel. US crude fell 81 cents to $99.59. Volume was moderate for both contracts.
