OPEC’s reference crude oil basket fell below $50 a barrel on Wednesday, for the first time since January 23, 2007. The price dropped to $49.94 a barrel on Wednesday from $52.24 the previous day, OPEC said on Thursday.
The reference basket comprises 13 crudes. They are Algeria’s Saharan Blend, Angola’s Girassol, Indonesia’s Minas, Iran Heavy, Iraq’s Basra Light, Kuwait Export, Es Sider from Libya, Nigeria’s Bonny Light, Qatar Marine, Saudi Arabia’s Arab Light, Murban from the UAE, BCF 17 from Venezuela and Oriente from Ecuador. (Reuters)