The OPEC website’s data show that the OPEC basket’s weekly price stood at 82.14 dollars during the week ending on July 25, down by 2.77 dollars from a week earlier when the benchmark was announced at 84.91 dollars.

The weekly price of the OPEC basket has been declining during the past two weeks. During the week ending on July 11, it was 86.9 dollars. This decline happened while the benchmark had risen continuously in June and the first week of July from 79.53 dollars on June 06 to 87.29 dollars on July 04.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).