OPEC's daily basket price stood at USD 81.94 a barrel Wednesday, compared with USD 82.09 the previous day, the cartel bulletin said on Thursday 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).