Baku, Azerbaijan, Oct.31
By Leman Zeynalova – Trend:
The price of OPEC basket of fourteen crudes stood at $47.04 a barrel on Oct.28, compared with $47.23 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).
Oil prices extended declines on Oct.31 after non-OPEC producers made no specific commitment to join the OPEC in limiting oil output levels to prop up prices, suggesting they wanted the oil producing group to solve its differences first.