OPEC basket down to USD 108.83 per barre

The price of the 12-crude reference basket of the Organization of Petroleum Exporting Countries (OPEC) dropped USD 0.64 per barrel (pb) on Wednesday to come to USD 108.83 pb, compared to USD 109.47 on Tuesday, said the OPEC price bulletin. The bulletin pointed out that average OPEC basket price for 2010 was USD 77.45 pb. The OPEC Reference Basket (ORB), introduced on 16 June 2005, is currently made up of 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). During a meeting in June, the OPEC oil ministers had decided to keep the 24.580-million-bpd ceiling unchanged due to adequate supply at the global oil market.