OPEC oil drops by $1.17

Oil&Gas Materials 18 February 2016 14:10 (UTC +04:00)
OPEC oil basket’s price stood at $28.18 per barrel on Feb. 17, or $1.17 less than on Feb.16.
OPEC oil drops by $1.17

Baku, Azerbaijan, Feb.18

By Aygun Badalova - Trend:

OPEC oil basket's price stood at $28.18 per barrel on Feb. 17, or $1.17 less than on Feb.16, a source in OPEC told Trend.

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)

Positive dynamics is observed in world oil prices on Feb.18. The price of April futures for North Sea Brent crude oil mix rose by 1.39 percent and stood at $34.98 per barrel on Feb.18 in the morning. This is while the price of March futures for WTI oil has increased by 1.84 percent and reached $31.21 per barrel.

The rise in prices is due to investors' expectations about stabilization of the situation on the market, following the statement made by Iran's oil minister about the country's readiness to support any action for restoring the oil prices.

Edited by SI


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