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OPEC basket hits $62/bbl

Category: Economy

Date: 2021-02-23T10:46:26+0000
OPEC basket hits $62/bbl

Shafaq News/ The Organization of the Petroleum Exporting Countries' basket oil price rose to $62/bbl driven by other crudes.

OPEC said in a statement received by Shafaq News Agency, "The price of OPEC basket of thirteen crudes stood at $62.00 a barrel compared with $61.30 the previous day according to OPEC Secretariat calculations."

The OPEC forecast preceded the freezing weather in Texas, home to 40% of U.S. output, that has shut wells and curbed demand by regional oil refineries. The lack of a shale rebound made it easier for OPEC+ to manage the market.

The OPEC Reference Basket of Crudes (ORB) is 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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