OPEC oil price decreases

Oil&Gas Materials 12 July 2016 13:11 (UTC +04:00)

Baku, Azerbaijan, July 12

By Maksim Tsurkov – Trend:

OPEC oil basket’s price stood at $42.21 per barrel on July 11 or $0.38 less than on July 8, the cartel told Trend July 12.

The OPEC Reference Basket (ORB) is made up of the following oil brands: 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).

However, oil prices have been increasing today.

The price for September futures of the North Sea Brent oil mix increased by 0.82 percent to $46.63 per barrel, while the price for August futures of WTI oil increased by 0.69 percent to $45.07 per barrel as of 11:33 (GMT+4 hours) July 12.


Follow the author on Twitter: @MaksimTsurkov