OPEC basket price up to 108.31 dollars on Friday
24/10/2011 16:14

OPEC said on Monday that the price of its basket of crudes rose to a record 108.31 dollars a barrel on Friday from 107.19 dollars the previous day, according to the reported "Reuters."

It consists reference basket of 12 crude is a mix Algerian Sahara and Girassol Angolans and Iran's heavy crude and Iraqi Basra Light and export of Kuwait and the Libyan lotus and Nigerian Bonny Light and maritime country and the Saudi Arabian Light and Murban UAE and Mary and the Venezuelan Orient of Ecuador.

Iraq currently produces about 2.7 million barrels per day of crude oil and is exporting about two million barrels, and oil imports are 95 per cent of the state budget.