Bank Of Baku

OPEC’s reference oil basket hits 8-month low

OPEC’s reference oil basket hits 8-month low
# 06 October 2008 13:22 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 2.91 dollars last Friday, as global oil prices were pushed down by the financial crisis, the Vienna-based cartel reported on Monday. One barrel (159 litres) of OPEC crude stood at 86.37 dollars Friday to the level reached February 8, compared with 89.28 dollars on the previous day.
OPEC’s reference crude oil basket price hit $140.7 on July 3.
In the course of last week, OPEC’s oil price dropped by 11.53 dollars.
The cartel calculates an average basket price based on 13 important brands, namely Algeria’s Saharan Blend, Angola’s Girassol, Indonesia’s Minas, Iran Heavy, Iraq’s Basra Light, Kuwait Export, Es Sider from Libya, Nigeria’s Bonny Light, Qatar Marine, Saudi Arabia’s Arab Light, Murban from the UAE, BCF 17 from Venezuela and Oriente from Ecuador.
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