| The price of Organization of Petroleum Exporting Countries, OPEC basket of 12 crudes has risen from $108.01 to $108.92 per barrel, according to OPEC Secretariat calculations. The price is still in excess of the budget projections of many oil exporting nations including Nigeria, meaning that they would be able to generate funds for the implementation of the budget.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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)...............................................Full Article: Source
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