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OPEC Reference Basket Of Crudes Has Updated The Maximum For Four Months

OPEC Reference Basket Of Crudes Has Updated The Maximum For Four Months

OPEC Reference Basket of crudes cost exceeded $40 per barrel for the first time in four months due to an increase in official sales prices of raw materials, according to the cartel.

On July 1, the price of the "basket" was $42.66 per barrel, which is about 12% more than the previous day and reached the highest since March 3 this year.

The growth of this indicator against the background of a more modest increase in the price of Brent over the same period is due to the new sales prices for raw materials that came into force in July, which were officially announced by major OPEC members such as Saudi Arabia, Kuwait, the UAE, and Iraq.

The price value of the "basket" is the weighted average value of spot prices for the primary oil grades produced by the 13 OPEC members, one grade from each country.