OPEC oil’s average price has been $36.68 per barrel in 2016 as compared to $49.49 in 2015.
The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), 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).
Oil prices are decreasing on July 11.
The price for September futures of the North Sea Brent oil mix decreased by 1.13 percent to $46.23 per barrel, while the price for August futures of WTI oil decreased by 1.28 percent to $44.83 per barrel as of 11:37 (GMT+4 hours) on July 11.
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