December 22, 2014 – The price of crude oil in the international market on Friday dropped to $55.52 per barrel about a Dollar and 22 Cents less than the $56.30 that it traded a day before.
According to Organisation of Petroleum Exporting Countries(OPEC) secretariat, the new OPEC Reference Basket of Crudes (ORB) is made up of 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).
The price of crude started descending after ascending $105.25 in August, 2014.