OPEC oil price decreases

OPEC oil basket’s price stood at $44.02 per barrel on May 24, or $0.05 less than on May 23, the cartel told Trend May 25.

The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), 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).

Global oil prices increased on May 25.

The price for July futures of the North Sea Brent oil mix increased by 1 percent to $49.08 per barrel, while the price for July futures of WTI oil increased by 1.15 percent to $49.18 per barrel.

Source: Trend