The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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).
World oil prices are falling on Feb.7. The price of April futures for Brent crude oil dropped by 0.20 percent and stood at $55.61 per barrel as of 03:07 EST. Meanwhile the price of March futures for West Texas Intermediate (WTI) oil has decreased by 0.23 percent to $52.89 per barrel.
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