Organisation of Petroleum Exporting Countries Secretariat calculations, has shown that the price of OPEC 12 basket of crude has dropped from $104.73 to $105.56 per barrel.
According to reports, 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).
The Secretary General of OPEC, Dr. Abdalla S. El-Badri said: “There is steady demand growth and enough supply to meet demand, with both stocks and spare capacity at comfortable levels. OPEC crude production is currently close to 30 million barrels a day. This is what is required by the market. OPEC is making sure its consumer’s needs are being met.”