OPEC Daily Oil Basket Price Now $90.46 Per Barrel

A basket of 13 crude oil samples compiled by the Organization of Petroleum Exporting Countries (OPEC) cost $90.46 per barrel on Tuesday, Feb. 1.

This is compared to $90.89 per barrel on Monday, according to calculations obtained on Wednesday from the OPEC Secretariat.

As of June 16, 2005, the OPEC Reference Basket of Crudes (ORB) consists of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea) and Rabi Light (Gabon).

The list includes Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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Meanwhile, Nigeria missed its crude oil production target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million barrels per day as approved by the Organization of Petroleum Exporting Countries.

According to officials of the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited, the country’s inability to reach its oil output target had led to the country’s low oil earnings that led to a monthly drop in the NNPC’s remittances to the Federation Account.

The report attributed Nigeria’s persistent inability to meet its OPEC production quota to the spate of pipeline vandalism, as well as the delay in full implementation of the Petroleum Industry Act.

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