Baku, Azerbaijan, Jan. 9
By Anvar Mammadov – Trend:
The price of OPEC basket of fourteen crudes stood at $53.5 a barrel on Jan. 6, which is $0.48 more than on Jan. 5, the cartel told Trend Jan. 9.
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 are decreasing on Jan. 9 amid the fears that in conditions of export increase from Iran, Libya, as well as the growth in activity of shale oil producers, OPEC’s efforts to balance the market will have a limited effect, according to the trading data.
The price of March futures for Brent crude oil decreased by 0.84 percent and stood at $56.62 per barrel as of 13:16 (GMT +4). This is while the price of February futures for West Texas Intermediate (WTI) oil fell by 0.81 percent to $53.55 per barrel.