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OPEC daily basket price up

21 February 2019 16:00 (UTC+04:00)
OPEC daily basket price up

By Trend

The price of OPEC basket of fourteen crudes stood at $65.97 a barrel on Feb.20, compared with $65.79 the previous day, Trend reports with reference to OPEC Secretariat calculations

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

According to current estimates, 81.89 percent of the world's proven oil reserves are located in OPEC member countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 65.36 percent of the OPEC total.

OPEC member countries have made significant additions to their oil reserves in recent years, for example, by adopting best practices in the industry, realizing intensive explorations and enhanced recoveries. As a result, OPEC's proven oil reserves currently stand at 1,214.21 billion barrels.

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