OPEC basket continues to fall in price

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by staff ()

OPEC basket continues to fall in price

The price of OPEC basket of fourteen crudes stood at $66.28 a barrel on Jan.31, compared with $66.60 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), 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).

The price for April futures of the North Sea Brent oil mix has increased by 0.46 percent up to $69.21 per barrel, while the price for March futures of West Texas Intermediate (WTI) oil rose by 0.56 percent and stood at $65.09 per barrel