The OPEC website’s data show that the OPEC basket’s weekly price stood at 80.42 dollars during the week ending on August 1, down by 1.47 dollars from a week earlier on July 25 when the benchmark was announced at 81.89 dollars.

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).