OPEC price dips over increased production from Libya, Nigeria

The price of OPEC basket of fourteen crudes stood at $43.14 a barrel on Wednesday, compared with $43.90 the previous day, according to OPEC Secretariat calculations.

This comes as the price of oil has fallen to below $45 a barrel for the first time this year, with prices having slumped by more than 20% since the January high.

Brent crude, the international marker, went as low as $44.51 just after 7pm (UK time), a drop of 3.26% since the previous day.

News of increased oil production by Libya and Nigeria saw oil get as low as $45.62 on Tuesday, both countries having been exempted from the supply cuts announced by OPEC members and many other oil-producing countries in November.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), 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).

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