Baku, Azerbaijan, Oct.19
By Leman Zeynalova – Trend
The price of OPEC basket of fourteen crudes stood at $48.24 a barrel on Oct.18, compared with $48.22 the previous day, according to the cartel’s website.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: 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.