Baku, Azerbaijan, Nov.8
By Leman Zeynalova – Trend:
The average OPEC Reference Basket (ORB) price for 2016 is expected to be around $40 per barrel, according to the cartel’s World Oil Outlook 2016.
In the medium term, the price recovery is assumed to continue with $5/b increments in the period up to 2021, according to the report.
“With this, the ORB price reaches a level of $65/b by 2021 in nominal terms, slightly above $60/b in real 2015 prices,” said the cartel. “This assumption reflects expected gradual improvements in market conditions.”
OPEC said that in the long-term, prices are assumed to reach $155/b in nominal terms by 2040.
The price of OPEC basket of fourteen crudes stood at $41.98 a barrel on Nov.7, compared with $41.85 on Nov.4, said the cartel’s website.
OPEC Reference Basket (ORB) is currently 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).