Sunday, 15 August 2010

OPEC Daily Basket Falls $ 1.41 to $ 76.87/Bbl Tuesday - OPEC

Maritime News
August 15, 2010 10:29
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OPEC Daily Basket Falls $ 1.41 to $ 76.87/Bbl Tuesday - OPEC

The Organization of Petroleum Exporting Countries pegged the value of its reference basket of 12 crude oils at $76.87 a barrel Tuesday, down $1.41 from $78.28 a barrel Monday, OPEC said Wednesday.

OPEC’s basket of 12 oils consists of Saharan Blend, Girassol, Oriente,
Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Qatar
Marine, Arab Light, Murban and Merey.

The basket isn’t used to set any oil prices in the market, but it does give a picture of the value of OPEC’s output.

OPEC devised a new basket after members complained the old basket
overstated the value of the group’s output. They pushed for a basket
that better represented grades that are higher in sulfur and, as such,
cheaper.

On Jan. 30, 2005, OPEC suspended its official price band of $22-$28 a
barrel because concerns about global stability pushed oil prices up
sharply, rendering it irrelevant.

Below is a table of the daily OPEC basket price for the past 19 trading days:

Source: Dow Jones

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