The price of OPEC basket of thirteen crudes stood at $38.62 a barrel on Tuesday, compared with $37.02 the previous day, according to OPEC Secretariat calculations.
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 Saudi oil minister Ali al-Naimi ruled out a crude output cut in comments made to Saudi-owned al-Hayat newspaper published on Wednesday.
“Forget about this topic,” he told the paper, when asked about any possible reduction in his country’s production.
Leading oil producers, including Saudi Arabia, will meet in Qatar on Sunday to discuss an output freeze to support oil prices.
Separately on Wednesday, Iran’s Seda weekly cited by Reuters said that Iran’s oil minister would not be attending the Doha talks but would be sending an Iranian representative instead.