Oil price hits 7-year high at $86.54 per barrel

The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at $86.54 per barrel as at Monday, Jan. 17.

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The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples jumped to a 7-year high to $86.54 per barrel as at Monday, Jan. 17.

This is compared with $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.

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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).

 

(NAN)

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