OPEC Basket Price Increases to USD 74.47 Per Barrel

Vienna: The price of the Organization of the Petroleum Exporting Countries (OPEC) basket of 12 crudes rose to USD 74.47 per barrel on Wednesday, marking an increase from USD 73.48 per barrel the previous day. According to Kuwait News Agency, the figures were calculated by the OPEC Secretariat and made public on Thursday. The OPEC basket price serves as a benchmark for crude oil rates and reflects the average price of oil produced by OPEC member countries. Last year, the annual basket rate was estimated at USD 82.95 per barrel, indicating a decrease in current prices compared to the previous year's average. The OPEC Reference Basket of Crudes (ORB) consists of a variety of oil blends from different OPEC member countries. These include Saharan Blend from Algeria, Djeno from Congo, Zafiro from Equatorial Guinea, Rabi Light from Gabon, Iran Heavy from the Islamic Republic of Iran, Basrah Medium from Iraq, Kuwait Export from Kuwait, Es Sider from Libya, Bonny Light from Nigeria, Arab Light from Saudi Arabia, Mur ban from the United Arab Emirates, and Merey from Venezuela. The fluctuations in OPEC basket prices are closely monitored by global markets, as they can impact oil supply and economic conditions worldwide.