OPEC oil prices fall
Baku, Azerbaijan, July 24
By Elena Kosolapova – Trend:
The price of OPEC basket of fourteen crudes stood at $46.01 a barrel on Monday, July 24, compared with $46.99 the previous Friday, the cartel said in a message.
On July 24 a Joint OPEC-Non-OPEC Ministerial Monitoring Committee met in St. Petersburg to review the June 2017 report as well as the first six months of the Declaration of Cooperation. After the meeting the cartel announced that OPEC deal producing countries had achieved a conformity level of 98 percent in June 2017. Same level of high conformity was observed for the first six months of January to June 2017.
Between January and June 2017, the participating producing countries adjusted their production downwards by an estimated volume of 351 million barrels, OPEC said.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), 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).
On July 25 oil prices are rising. The price for September futures of Brent oil increased by 0.43 percent to $48.81 per barrel as of 4:49 a.m. EDT (UTC-4). The price for September futures of West Texas Intermediate (WTI) rose by 0.47 percent and stood at $46.56 per barrel as of 4:49 a.m. EDT (UTC-4).