• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 8 minutes What Can Bring Oil Down to $20?
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 1 min Alberta govt to construct another WCS processing refinery
  • 15 hours Let's Just Block the Sun, Shall We?
  • 1 hour Venezuela continues to sink in misery
  • 17 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 19 hours Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 1 day OPEC Cuts Deep to Save Cartel
  • 12 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days $867 billion farm bill passed
  • 3 days Sleeping Hydrocarbon Giant
  • 2 days Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 2 days IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 2 days Global Economy-Bad Days Are coming
  • 2 days WTO So Set Up Panels To Rule On U.S. Tariff Disputes
Oil Industry Faces $1 Trillion Challenge

Oil Industry Faces $1 Trillion Challenge

The International Maritime Organization is…

Iran Claims Its Oil Revenues Surged Despite Sanctions

Iran Claims Its Oil Revenues Surged Despite Sanctions

Despite sanctions, Iran’s revenues from…

OPEC Crude Oil Basket Up to US$46 Per Barrel

OPEC Meeting

The OPEC Reference Basket (ORB) of 13 crude oils was up to US$46 per barrel on Monday, for a US$0.27 increase over last Friday’s price of US$45.73, according to data released Tuesday morning by the OPEC Secretariat.

The OPEC Reference Basket of Crudes (ORB) comprises the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), 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) and Merey (Venezuela).

Oman Crude oil, traded on the Dubai Mercantile Exchange (DME), was up almost 100 percent from January, with DME Oman futures contracts for August crude closing at US47.16 per barrel, up US$0.52 from the prior session.

Related: Niger Delta Avengers Threaten to Take Nigeria’s Oil Production To “Zero”

Oman futures had dipped as low as US$23.72 per barrel in January.

Tuesday has also seen the highest volume of trading in DME Oman Crude Oil Futures since February 2014, according to Oman news agencies, which report over six million barrels of trade on Tuesday in the five-minute marker window.

“The rebound in prices is probably a vindication of the OPEC policy of the past two years, although the trajectory for the balance of the year is likely to remain very volatile,” the Times of Oman quoted Owain Johnson, Managing Director of the DME, as saying

Related: Does Iran Have The Upper Hand In OPEC Oil War

At the same time, Brent crude for August delivery opened at US$50.46 per barrel in Tuesday trading, down 0.01 percent from the previous session. On Monday, it hit a high of US$50.83 before settling down at US$50.55 in its strongest showing since November last year.

NYMEX crude for July delivery was still at $49.69 per barrel in Tuesday opening trade. At the close of trading Monday, WTI July delivery was up 2.2 percent, settling at US$49.69 per barrel.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News