BAKU, Azerbaijan, May 14
By Leman Zeynalova – Trend:
The OPEC Reference Basket (ORB) value fell by 48 percent in April, continuing its decline for the fourth month in a row – the longest period of monthly deterioration in almost five years, Trend reports citing OPEC’s Monthly Oil Market Report (MOMR).
It was down by $16.26, or 48 percent, month-on-month, to stand at $17.66/b, the lowest monthly point since December 2001.
“All ORB component values continued to decline sharply in April due to the large surplus in the market, the increasing availability of unsold cargoes, cuts in official selling prices (OSPs), and deep discounts in Basket component crude differentials. The ORB year-to-date value stood at $43.06/b compared with $64.87/b a year earlier, down by $21.81, or 33.6 percent,” reads the report.
In nominal terms, the price of the OPEC Reference Basket decreased by $16.26, or 47.9 percent, from $33.92/b in March to reach $17.66/b in April. In real terms, after accounting for inflation and currency fluctuations, the ORB decreased to $11.65/b in April from a revised $22.19/b (base June 2001=100) the previous month.
Crude oil futures prices extended sharp declines in April amid a strong contraction in both the global economy and oil demand due to the impact of the COVID-19 pandemic. ICE Brent declined by $7.10, or 21 percent, to average $26.63/b, and NYMEX WTI fell by $13.75, or 45.2 percent, to average $16.70/b. Year-to-date, ICE Brent was $20.94 lower, or 31.8 percent, to average $44.84/b, while NYMEX WTI was lower by $18.78, or 32.8 percent, to average $38.42/b, compared to the same period a year earlier. DME Oman crude oil futures prices fell m-o-m in April by $10.30/b, or 30.1 percent, to settle at $23.93/b. Year-to-date, DME Oman was lower by $21.78, or 33.2 percent, at $43.85/b.
Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), 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).
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