OPEC oil basket price rises by 3.2%
Baku, Azerbaijan, Feb. 17
By Aygun Badalova - Trend:
OPEC oil basket's price stood at $29.35 per barrel on Feb. 16, which is $0.91, or 3.2 percent more than on Feb. 15, the cartel told Trend Feb. 17.
The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).
As of Feb. 17 morning, April futures price for Brent Blend oil extracted in the North Sea rose by 1.07 percent - to $32.52 per barrel. March futures price for WTI (West Texas Intermediate) Crude Oil increased by 0.64 percent - to $29.23 per barrel as of Feb. 17 morning.
Energy ministers of Russia and a number of OPEC countries agreed to freeze the production of oil after the negotiations in Qatar's capital Doha Feb. 16.
Oil output will be stabilized at the level of Jan. 11, according to Saudi Arabia's oil minister Ali Al-Naimi.
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