OPEC daily basket price down

The price of OPEC basket of fourteen crudes stood at $75.18 a barrel on May 16, compared with $75.47 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), 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).

The price for July futures of the North Sea Brent oil mix rose by 0.23 percent to $ 79.46 per barrel, while the price for June futures of West Texas Intermediate (WTI) oil increased by 0.32 percent and stood at $71.72 per barrel as of 10:45 (GMT +4), May 17.