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The price of OPEC’s basket of 14 crudes stood at $49.61 per barrel on August 1. as compared to $49.97 per barrel on July 31. the cartel said in a message on its website.
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).
This is while the price for October futures of Brent oil has increased by 0.04 percent to $51.80 per barrel as of 12:48 (UTC + 4).
The price for September futures of West Texas Intermediate (WTI) dropped by 0.14 percent and stood at $49.09 per barrel.
