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The price of OPEC basket of fourteen crudes stood at US$54.59 a barrel on Thursday, compared with $54.06 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), 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).
Saudi Arabia hopes the Organization of the Petroleum Exporting Countries (Opec) and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil marke
The Gulf Today
Brent crude oil prices are expected to average $50 to $70 per barrel (/bbl) in a medium-term horizon to 2023, said the Bank of America Merrill Lynch (BofAML) in its latest Global Energy Paper.
The collapse in global oil prices between June 2014 and January 2016 led to nearly one trillion US dollars in investment being frozen or discontinued with “many hundreds of thousands of jobs” being l
The Gulf Today
With the Opec and non-Opec alliance working to eliminate the remaining glut on the oil market amounting to 75 million barrels, the UAE energy minister said stability was slowing returning and the mar
Plans for a super group of oil producing countries could be in place by year-end as Opec works to institutionalise the ongoing collaboration between 24 member and non-member nations that has helped c