TEHRAN, Iran, August 15. According to OPEC, all ORB (OPEC Reference Basket) component values fell last month, while Iran's heavy crude oil price dropped by $8.69 m-o-m, or 7.5 percent on average, Trend reports citing OPEC annual report.
According to OPEC, Arab Light, Basrah Light, Iran Heavy, and Kuwait Export decreased by $8.69 m-o-m, or 7.5 percent on average, to settle at $107.79/barrel.
The ORB value fell sharply in July, dropping by $9.17/barrel, or 7.8 percent, to stand at $108.55/barrel, as all ORB component values declined alongside their perspective crude oil benchmarks, even though robust physical market fundamentals continued to underpin the market.