Baku, Azerbaijan, Oct. 21
By Leman Zeynalova – Trend:
The price of OPEC basket of 14 crudes stood at $48.51 per barrel on Oct. 20 as compared to $49.06 on the previous day, according to the cartel’s website.
The OPEC Reference Basket (ORB) is made up of the following crudes: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), 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).
According to current estimates, more than 80 percent of the world's proven crude oil reserves are located in OPEC member countries.