The price of OPEC basket of twelve crudes stood at $101.57 a barrel on Thursday, compared with $101.72 the previous day, according to OPEC secretariat calculations.
Oil prices have been on a downward spiral since 31st March when the price stood at $104.08, a loss of over 3 dollars in less than a week. Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).
