Petroleum Africa
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Thursday, October 29, 2020
In response to new concerns on the rise of COVID-19 cases globally and in anticipation of a demand decrease, oil prices have taken a significant downturn in recent days. Thursday morning saw WTI crude barrel price sitting at $35.77, while Brent crude was going for $37.45 per barrel.
The price of OPEC basket of 13 crudes saw a slight increase and was trading at $39.53 a barrel, but still down from September’s $41+ per barrel range. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
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