OPEC daily basket price slips to US$67.31 a barrel Wednesday, 3 December 2014

VIENNA: The price of OPEC basket of twelve crudes stood at US$67.31 a barrel on Wednesday, compared with US$68.13 the previous day, according to the calculations by the OPEC Secretariat, the executive organ of the Organisation of the Petroleum Exporting Countries (OPEC).

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).

On 27 November, the 166th Meeting of the Conference of the OPEC in Vienna, Austria, decided to maintain OPEC’s collective output target at 30 million barrels a day, as was agreed in December 2011.

SOURCE: WAM