VIENNA, — The average price of a basket of fourteen crudes from OPEC producers fell to US$48.51 a barrel on Thursday, 20th October, from $49.06 the previous day, OPEC Secretariat, the executive organ of the Organisation of the Petroleum Exporting Countries, said on Friday.

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

The ORB was first introduced by OPEC on 16th June, 2005, and was last updated in July 2016 to include Gabon’s crude, Rabi light.

Source: Emirates News Agency