OPEC 'basket' price moves further down

The price of OPEC basket of twelve crudes stood at $44.64 a barrel on Friday, compared with $44.83 the previous day, according to OPEC Secretariat calculations.

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The price of OPEC basket of twelve crudes stood at $44.64 a barrel on Friday, compared with $44.83 the previous day, according to OPEC Secretariat calculations.

In August, the average price of the basket was $45.58 a barrel, in July - $53.95, in June - $60.25, in May - $62.33, in April - $58, in March - $52.47, in February -$54.89, in January - $43.6.

In 2014, the average price of the OPEC Reference Basket was $96.23 a barrel, in 2013 - $105.57, in 2012 - $109.74, in 2011 - $107.46, and in 2010 - $77.45.

Record price of the basket was set on July 3, 2008 - $140.73 per barrel.

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

The OPEC (Organization of the Petroleum Exporting Countries) incorporates a number of countries the economy of which is reliant on revenue from oil sales. OPEC member countries produce about 40% of the world's crude oil.

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