The price of OPEC’s basket of twelve crude oils stood at $75.96 per barrel on Tuesday, showing a gradual increase.
According to the latest data released by the OPEC Secretariat on Wednesday, the price of its crude oil grades rose slightly from $75.74 the previous day, based on OPEC’s calculations.
This increase in price comes amid ongoing global energy market fluctuations and concerns over supply disruptions due to geopolitical tensions and natural disasters.
Analysts predict that while prices may continue to see minor increases, they could remain volatile depending on future market dynamics and production adjustments by OPEC and non-OPEC producers.
The OPEC Reference Basket of Crudes (ORB) consists of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela). These crudes are key indicators of the global oil market and are used by OPEC to monitor pricing trends.
