The price of OPEC basket of thirteen crudes stood at $43.38 a barrel on Monday, compared with $43.46 the previous Friday, according to OPEC Secretariat calculations.
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The OPEC Reference Basket (ORB) is weighted average of oil prices collected from various oil producing countries. It is also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices.OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production.
On 15 June 2005, the OPEC basket was changed to reflect the characteristics of the oil produced by OPEC members, is currently 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).
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