OPEC's oil price at $83 per barrel
OPEC
Vienna - KUNA
Price of OPEC's basket of crudes stood at USD 83.19 a barrel Friday, compared with USD 81.17 the previous day, the cartel bulletin said in a statement on Monday.
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, in 1960, by the oil-producing countries; Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which oversees market conditions and oil prices, now comprises 12 oil-rich nations.
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).
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