Oil price drops at international market – OPEC

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The Organisation of the Petroleum Exporting Countries (OPEC) on Tuesday announced a drop in price of crude from 52.64 dollars to 52.17.

The report on the organisation’s website did not give reasons for the difference of 0.47 dollars drop.

“The price of OPEC basket of 13 crudes stood at $52.17 a barrel on Monday compared with $52.64 the previous Friday, according to OPEC secretariat calculations,’’ it said.

The 13 OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon) and Iran Heavy (Islamic Republic of Iran).

Others are Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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