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 above $40 a barrel on Wednesday, driven by anticipation that the world’s largest exporters could agree this month to freeze production and help erode the largest global build in unwanted crude in years.
Producers in and outside the Organisation of the Petroleum Exporting Countries plan to meet in Moscow on March 20 to discuss an output freeze, an Iraqi oil official told state newspaper Al-Sabah.
Brent crude futures rose 71 cents to $40.36 a barrel by 6:36 a.m. (1136 GMT), having touched three-month highs on Tuesday above $41, while U.S. crude futures were up 55 cents at $37.05.
“The consensus is for supply and demand to improve in the second half of the year. The problem was always with the first half … which is heavy,” Petromatrix crude oil strategist Olivier Jakob said.
“Add all this momentum for actually increased talks between OPEC and non-OPEC – if there is a freeze agreement of some sort, then it could (form) the bridge to the tighter supply/demand balance in the second half, so I think that has definitely helped to support prices.”
Oil prices have risen by around 25 percent since Saudi Arabia, Qatar, Venezuela and non-OPEC exporter Russia said in mid-February they would leave supply at January’s levels if there was enough support from other producers.
Nervousness is running high in oil-dependent nations whose budgets have been tattered by the drop in prices, such as Algeria, which warned the recovery in crude was “very unstable” and could reverse.