The Organisation of the Petroleum Exporting Countries (OPEC) has announced that the price of a basket of 13 crude oil samples traded at $110.46 per barrel on Wednesday.
In a report on its website on Wednesday, the organization said this shows the closing rate recoded was a huge drop when compared to 115.99 dollars per barrel it stood at the end of Friday last week.
The OPEC Reference Basket of Crudes (ORB) is made up of the Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Bonny Light (Nigeria), and Zafiro (Equatorial Guinea).
Others are Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).
Nigeria’s oil Bonny Light however remains one of the most expensive as it closed Midweek trading day $114.33 per barrel.
The price of Nigeria’s oil is only lower than Saudi Arabia’s Saharan Blend which closed the day at $115.64 per barrel.
Meanwhile, OPEC said it would be difficult to compensate for Russia’s production if it is completely shut out from exporting the commodity.
OPEC Secretary-General, Sanusi Barkindo, while speaking at the 61st Meeting of the Joint Technical Committee (JTC), stated that many European nations and the Americans recently began abandoning Russian oil after it invaded Ukraine.
He said that the potential loss of more than seven million bpd of Russian oil and other liquids exports, around seven percent of current global demand, either through sanctions or voluntary actions, was already having major repercussions on energy markets.
