The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), 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).
Meanwhile, CNBC reports that oil prices rose over 1 per cent on Tuesday, shrugging off a slump in China’s manufacturing sector that stirred fears of slowing demand growth, with markets instead focusing on a fall in U.S. and OPEC output that might tighten an otherwise bloated market.
U.S. crude futures were trading at $34.22 per barrel at 0739 GMT, up 47 cents from their last settlement. Prices are up 30 percent from Feb. 11, when the contract dropped to an intra-day low of $26.05 a barrel, the lowest since 2003.
ANZ bank said that a break above $34 would “add to the view for some that the bottom in the crude oil market is now in place”.
International benchmark Brent crude futures were up 40 cents at $36.97 per barrel, and up over 20 per cent since February 11.