As of Monday, Jan 17 2021, the price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at $86.54 per barrel.
This is an increase compared to $85.46 per barrel of the previous Friday, according to OPEC Secretariat calculations obtained by the News Agency of Nigeria (NAN), Abuja, as released by OPEC on Tuesday.
The OPEC Reference Basket of Crudes (ORB), introduced on June 16, 2005, is currently made up of the Saharan Blend (Algeria), Girassol (Angola), Bonny Light (Nigeria), Djeno (Congo) and Zafiro (Equatorial Guinea).
Others include 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).