VIENNA, 7th July 2016 (WAM) — The average price of OPEC’s basket of fourteen crudes stood at US$44.35 a barrel on Wednesday, 6th July, compared with $44.34 the previous day, according to the calculations by the OPEC Secretariat, the executive organ of the Organisation of the Petroleum Exporting Countries.

The new 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 (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), and Merey (Venezuela).

The ORB, a weighted average of prices for petroleum blends produced by OPEC members, is used as an important benchmark for crude oil prices.

On 7th July 2015, the price of OPEC’s basket, then composed of 12 crudes, stood at $54.23 a barrel.

Gabonese crude Rabi Light was added to the OPEC basket price this month. Indonesian crude Minas, which was excluded in January 2009, was added in January 2016.