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 rising on Feb.16. The price of April futures for Brent crude oil rose by 0.09 percent to $55.80 per barrel as of 05:36 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has increased by 0.15 percent to $53.19 per barrel.
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