The price of the Organization of the Petroleum Exporting Countries (OPEC) 13-sample basket of crude oil closed Wednesday at $110.46 a barrel.
OPEC Secretariat calculations as published by OPEC on its website show yesterday’s closing rate was a huge drop from the $115.99 a barrel it was showing at the end of the month. Friday last week.
The OPEC Crude Reference Basket (ORB) is made up of the Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Bonny Light (Nigeria) and Zafiro (Equatorial Guinea).
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The others are Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). ).
Nigerian oil Bonny Light, however, remains one of the most expensive as it closed the mid-week trading day at $114.33 a barrel.
The price of Nigerian oil is only lower than that of the Saudi Saharan blend which closed the day at $115.64 a barrel.
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