The OPEC oil basket cost dropped t the 14-month minimum and is below $98.7 per barrel. Secretariat of the Organization of Petroleum Exporting Countries (OPEC) reported today that by September 3, 2014 OPEC basket went down by $0.29 and its official price totaled $98.65 per barrel.
This is the lowest index since June 24, 2013.
OPEC Reference Basket of Crudes is among the key price indicators of the world hydrocarbon market. It reflects the price of oil delivered to the world market by the OPEC member-states. The oil basket cost is calculated daily on week days by the OPEC Secretariat, which meets in Vienna.
Since January 2009 OPEC basket is represented by 12 oil brands based on the number of OPEC member-stares: Saharan Blend (Algeria); Girassol (Angola); Merey (Venezuela); Basra Light (Iraq); Iran Heavy (Iran); Qatar Marine (Qatar); Kuwait Export (Kuwait); Es Sider (Libya); Bonny Light (Nigeria); Murban (UAE); Arab Light (Saudi Arabia); Oriente (Ecuador).