Crude price drops at international market – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) on Tuesday announced a drop in price of crude from 52.64 dollars to 52.17.

The report on the organisation’s website did not give reasons for the difference of 0.47 dollars drop.

“The price of OPEC basket of 13 crudes stood at $52.17 a barrel on Monday compared with $52.64 the previous Friday, according to OPEC secretariat calculations,’’ it said.

The 13 OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon) and Iran Heavy (Islamic Republic of Iran).

Others are Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).