OPEC basket down $4.30 to settle at $108.18 pb

VIENNA, May 11, (KUNA): The price of the OPEC crudes went down by USD 4.30 to settle at USD 108.18 per barrel on Tuesday as opposed to USD 112.48 pb last Monday, said the international oil cartel on Wednesday.

According to the OPEC bulletin, the average oil price of the cartel basket in 2021 was at USD 69.89 per barrel.

OPEC said in a recent report that the prices of oil, including the organization’s basket, had increased last March by USD 20 pb due to increasing geopolitical tension in eastern Europe, which heightened fears of decrease supplies amid commercial turmoil.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).