Africa-Press – Gambia. The price of a basket of thirteen crude oils from the Organization of Petroleum Exporting Countries (OPEC) stood at 76.17 US dollars a barrel, last Friday, with an increase of USD 0.38 in its value.
According to calculations by the OPEC Secretariat, the price of a basket of 13 crudes was set at USD 75.79.
OPEC’s basket of reference crudes (ORB) comprises oils from Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Will).
The list includes oil from Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Statement six years ago
The Declaration of Cooperation (DoC) between the member countries of the Organization of Petroleum Exporting Countries (OPEC) and 10 non-oil producing countries of the same organization completed six years, on December 10, 2022.
It was in 2016 that OPEC member countries and Azerbaijan, the Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea (which later joined the organization), Kazakhstan, Malaysia, Mexico, the Sultanate of Oman, the Russian Federation, the Republic of Sudan and the Republic of South Sudan met at OPEC headquarters in Vienna, Austria and decided to establish the DoC.
The DoC constitutes a platform for cooperation and dialogue in the interests of oil market stability.
Crucial decisions were taken at the inaugural Ministerial Meeting of OPEC and non-OPEC, building on the successful ‘Algiers Agreement’, signed in Algiers, Algeria, on September 28, 2016 at the 170th (Extraordinary) Meeting of the OPEC Conference and the subsequent ‘Vienna Agreement’, decided on 30 November of the same year in Vienna, Austria, at the 171st Meeting of the OPEC Conference.
OPEC Secretary General Haitham Al Ghais, on the occasion of the celebration of the date on December 10, 2022, said that the Declaration of Cooperation is an unprecedented collaborative framework of 23 oil producing countries based on trust, respect mutual and dialogue.
Six years later, he continued, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the investment needed to ensure energy security.
The DoC aims to ensure the sustainable stability of the oil market, through cooperation and dialogue, including at the technical and research levels, for the benefit of all producers, consumers and investors, as well as the global economy at large.
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