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Up: OPEC oil hits $75 a barrel

On Wednesday a barrel was selling for $74.62

Oct 5, 2024 07:22 353

Up: OPEC oil hits $75 a barrel  - 1

The average oil price of the Organization of the Petroleum Exporting Countries (OPEC) rose to 74.90 dollars per barrel, the oil cartel informed on its website last night, BTA reported.

On Wednesday, one barrel was selling for $74.62.

To determine the price of OPEC oil, the so-called oil basket is used, including 13 types of oil for export to the member countries of the cartel: Arab light (Saudi Arabia), Basra light (Iraq), Bonny light (Nigeria). , Es Sider (Libya), Girasol (Angola), Iranian Heavy (Iran), Kuwait Export (Kuwait), Meray (Venezuela), Murban (UAE), Saharan Blend or "Saharan Blend" (Algeria), Rabi Lek (Gabon), Djeno (Congo) and Zafiro (Equatorial Guinea).

The historical maximum for the "OPEC basket" is the price of $140.73 per barrel reported on July 3, 2008.

The price of a barrel of oil is determined by deriving an arithmetic average value from the quotations at the time of closing of trade with all grades from the "OPEC basket" the previous working day.