The average price of a barrel of the crude oil produced by the OPEC is reported to have gone all the way up to $53,67. This is confirmed by the cartel’s official website. This happened yesterday. At this point, the price has retraced a bit and is currently trading around $53,36/b, Market Leader reports.
In order to set the average price, the OPEC uses a basket of 13 oils by major OPEC producers, including Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (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 ).
The all-time high for the OPEC oil basket is $140,73/b, which was set in July 3, 2008.
The OPEC oil basket is also known as the one of the key price indicators for the entire global market of crude oil. The basket price shows the average close price for the day.
