OPEC basket price continues to drop
Baku, Azerbaijan, Dec.15
By Leman Zeynalova – Trend:
The price of OPEC basket of fourteen crudes stood at $51.83 a barrel on Dec.14, compared with $52.39 Dec.13, 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).
World oil prices have started to rise again after the decline on Dec.14 due to the decision of the US Federal Reserve to increase its benchmark interest rate.
The price of February futures for Brent crude oil rose by 0.50 percent and stood at $54.17 per barrel as of 03:25 EST. This is while the price of January futures for the West Texas Intermediate (WTI) oil increased by 0.04 percent to $51.06 per barrel.