The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples closed Wednesday trade $110.46 per barrel.
OPEC Secretariat calculations as released by OPEC on its website show the closing rate yesterday was a huge drop when compared to 115.99 dollars per barrel it stood at the end of Friday last week.
The OPEC Reference Basket of Crudes (ORB) is made up of the Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Bonny Light (Nigeria) and Zafiro (Equatorial Guinea).
Others are 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).
Nigeria’s oil Bonny Light however remains one of the most expensive as it closed Midweek trading day $114.33 per barrel.
The price of Nigeria’s oil is only lower than Saudi Arabia’s Saharan Blend which closed the day at $115.64 per barrel.
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