OPEC oil price drops by 1.3%

BAKU. KAZINFORM The price of OPEC's basket of 13 crudes stood at $48.34 a barrel on May 3, or 1.3 percent less than on May 2, the cartel said in a message on its website, Trend reports.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).

This is while, the price for July futures of Brent crude oil has decreased by 0.83 percent to $ 50.37 per barrel as of 07:39 (GMT +4).

 

Meanwhile, the price for June futures of West Texas Intermediate (WTI) has dropped by 0.82 percent and stood at $47.43 per barrel.