By KUNA
Vienna : The Organization of Petroleum Exporting Countries’ (OPEC) basket of 12 crudes dropped USD 1.34 on Wednesday to reach USD 84.87 per barrel, compared to USD 86.21 the day before, the cartel said on Thursday.
According to an OPEC bulletin, the average price of the basket of 12 crudes was USD 69.10 during 2007.
OPEC Reference Basket (ORB), implemented as of 10 September 2007, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Minas (Indonesia), 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 BCF 17 (Venezuela).
OPEC oil ministers, in their meeting on Friday, had agreed to maintain the production ceiling at 26.9 million barrels per day, with the exception of Iraq on which the quota system did not apply.