OPEC daily basket price closes lower

OPEC daily basket price closes lower
This is the headquarters of OPEC, the Organization of Petroleum Exporting Countries in Viennia, Austria, Monday September 13, 2004. Ministers of OPEC, producer of about 40 percent of the world's oil, gather for the fourth time this year, tomorrow to consider raising their output limits and price target. OPEC is ignoring its quota of 26 million barrels a day, pumping 8.1 percent above that last month, according to Bloomberg estimates. Photographer: Mark H. Milstein/Bloomberg News.

Vienna: The price of OPEC’s basket of thirteen crudes stood at $25.21 a barrel on Thursday, compared with $25.93 on Wednesday, the organisation’s secretariat said.

The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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) and Merey (Venezuela). A barrel equals 159 litres.