OPEC price slightly rises amid supply cuts

The price of OPEC basket of thirteen crudes stood at $45.93 a barrel on Monday, compared with $45.48 the previous Friday, according to OPEC Secretariat calculations.

This comes as oil prices added to modest gains at the start of the week, buoyed Tuesday by technical buying even as investors remain skeptical that production cuts led by Middle Eastern producers and Russia are helping to alleviate a years-long market glut.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (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).