The average oil price of the Organization of the Petroleum Exporting Countries (OPEC) yesterday rose to 72.56 dollars per barrel, the oil cartel informed today on its website.
To determine the price of OPEC oil, the so-called oil basket is used, including 13 types of oil for export by the cartel member countries: Arab light (Saudi Arabia), Basra light (Iraq), Bonny light (Nigeria), Es Sider (Libya), Girasol (Angola), Iranian Heavy (Iran), Kuwait Export (Kuwait), Meray (Venezuela), Murban (UAE), Saharan Blend or “Saharan Blend” (Algeria), Rabi Light (Gabon), Jeno ( Congo) and Zafiro (Equatorial Guinea).
The all-time high for the “OPEC basket” was $140.73 per barrel recorded on July 3, 2008.
The price of a barrel of oil is determined by deriving an arithmetic mean value from the quotations at the time of closing of trade with all varieties from the “OPEC basket” the previous working day, writes BTA.