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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).
Oil price is expected to trade above $60 (Dh220) per barrel in the coming days due to output cut agreement between Opec (Organisation of the Petroleum Exporting Countries) and non-Opec members but ri
OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as the US and other producers outside the group pump m
Crude’s rally fizzled out for a third week, with prices stalled near $57 (Dh209) a barrel as concerns over excess supplies next year temper enthusiasm for Opec’s extended production curbs.
Supply and demand in the global oil market are likely to balance out by the end of 2018 thanks to a pick-up in demand, notably from the transport sector, Organisation of the Petroleum Exporting Coun
The Gulf Today
Brent oil prices jumped by 1 per cent on Tuesday to their highest since mid-2015, after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market already tightening