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20-Jan-2011 11:35 AM

OPEC prices average USD77.45/barrel in 2010

Organisation of the Petroleum Exporting Countries (OPEC) stated its 12 crude basket averaged USD77.45 per barrel over 2010 (KUNA, 19-Jan-2011). The basket increased by USD0.08 cents to USD93.80 on 18-Jan-2011. OPEC decided in mid-Dec-2010 to maintain its oil production ceiling at 24.88 million barrels per day. OPEC basket comprises 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). 

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