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OPEC basket down to $96.80
The Saudi Gazette Published in The Saudi Gazette on 14 - 09 - 2008

The Organization of Petroleum Exporting Countries (OPEC) said Thursday that the price of its 13-crude basket stood at $96.80 a barrel on Wednesday, compared with $98.49 the previous day, according to OPEC Secretariat calculations.
OPEC's bulletin added that the annual average of the basket for the year 2007 was $69.10 per barrrel.
OPEC basket, which is a reference for the organization concerning the production policy, includes 13 crude, namely: 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), Murban (UAE) and BCF 17 (Venezuela).
OPEC which produces two thirds of the world's consumption of oil, decided on September 9 to change the production ceiling to 28.8 million barrels per day, as it was stable at 29.6 million barrels per day, in exception to Iraq.

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