According to the calculations of the Organisation of Petroleum Exporting Countries (OPEC), the price of its basket of 12 has soared from $43.14 to $43.40 per barrel.
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 (Venezuela).
This increase poses a serious threat to the successful implementation of 2015 budget which has been bench-marked at $65 per barrel.
The Chairman of International Energy Services Limited, Dr. Diran Fawube, who spoke on the development, said that the present lull in the market is a clear indication that the cartel is no longer the sole determinant of the state of the market.
Traders in the volatile market, who spoke in the same vein, said oil prices would likely continue to slide in the coming weeks because of excess supply and dwindling demand.
