Energy

OPEC daily basket price drops to $66.05 per barrel

The price of Organisation of Petroleum Exporting Countries, OPEC basket of 14 crudes stood at $66.05 a barrel on Wednesday, compared with $66.80 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).

But OPEC still expects oil price to leap because of increased compliance of members and non-members to its oil cut deal.

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