Data from the OPEC website also shows that the weekly price of the OPEC basket rose more than 1 dollar. It stood at 87.13 dollars during the week ending on July 4, up by 1.06 dollars against a week earlier during which the weekly reached 86.07 dollars on June 27.

OPEC’s weekly price has been rising consistently in June. It rose from 79.53 dollars on June 06 to 82.33 on June 13, 84.96 on June 20, and 86.07 on June 27.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).