Baku, Azerbaijan, Jan. 12
By Maksim Tsurkov – Trend:
OPEC oil basket’s price stood at $50.98 per barrel on Jan. 11, or $0.48 less than on Jan. 10, the cartel told Trend Jan. 12.
The OPEC Reference Basket (ORB) is made up of the following oil brands: 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 increased on Jan. 12 against the background of Iraqi Oil Minister Jabar Ali al-Luaibi’s statement on the complete fulfillment of the agreement to cut oil production by late January.
The price for March futures of the North Sea Brent oil mix increased by 1.22 percent to $55.78 per barrel, while the price for February futures of WTI oil increased by 1.11 percent to $52.83 per barrel as of 15:50 (GMT+4) Jan. 12.