OPEC Reference Basket value drops to lowest level since January
Baku, Azerbaijan, July 15
By Leman Zeynalova - Trend:
The OPEC Reference Basket (ORB) value has dropped to lowest level since January 2019, Trend reports citing OPEC Monthly Oil Market Report.
ORB fell sharply in June, dropping by about $7 per barrel, or 10 percent, recording the second consecutive month of decline as all ORB component values declined significantly alongside their perspective crude oil benchmarks, although tight physical supplies continued to underpin the market, reads the report.
On a monthly basis, the ORB value declined to $62.92 per barrel, its lowest level since January amid
subdued economic data and a weakening global oil demand outlook, said the cartel.
“Expectations of softening oil demand in Asia due to refinery maintenance and weak refining margins weighed on oil prices. Nonetheless, higher official selling prices of medium and sour grades and sustained crude differentials limited the ORB value decline,” the report says.
Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), 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), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Follow the author on Twitter: @Lyaman_Zeyn