The average oil price of the Organization of the Petroleum Exporting Countries (OPEC) rose slightly to $72.25 a barrel on Friday, the oil cartel said on its website today.
On Thursday, one barrel was selling for $72.04.
To determine the price of OPEC oil, the so-called oil basket is used, including 13 types of oil for export by the cartel member countries: Arab light (Saudi Arabia), Basra light (Iraq), Bonny light (Nigeria), Es Sider (Libya), Girasol (Angola), Iranian Heavy (Iran), Kuwait Export (Kuwait), Meray (Venezuela), Murban (UAE), Saharan Blend or “Saharan Blend” (Algeria), Rabi Light (Gabon), Jeno ( Congo) and Zafiro (Equatorial Guinea).
The all-time high for the “OPEC basket” was $140.73 per barrel recorded on July 3, 2008.
The price of a barrel of oil is determined by deriving an arithmetic average value from the quotations at the time of closing of trade with all grades from the “OPEC basket” the previous working day.
