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 futures fell on Thursday, with U.S. crude hitting its lowest price in more than two weeks as the country’s crude stocks reached yet another record high, renewing concerns about global oversupply.
The increase in U.S. inventories came despite seasonal refinery utilisation hitting an 11-year high, while a rise in the dollar <.DXY> put further pressure on oil prices.
Brent crude futures fell 45 cents to $38.81 a barrel as of 0823 GMT.
The front-month contract for U.S. crude futures was down 65 cents at $37.67 a barrel, after dropping to $37.57, the lowest since March 16.
“The door is open for lower prices,” said Hamza Khan, head of commodity strategy with ING. “There’s a backlog of oversupply that needs to be worked out of the system.”