January 7, 2015 – Price of crude oil on Tuesday dropped below the $50 mark to settle at $46.69 in the international market.
The Organisation of Petroleum Exporting Countries (OPEC) said on Tuesday that a basket of twelve crude stood at 46.69 dollars a barrel on Tuesday, compared with $48.99 the previous day, OPEC said.
According to the secretariat, the new OPEC Reference Basket of Crudes (ORB) is made up of the following: 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).