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OPEC analysts note the latest data shows Chinese crude imports increasing to 11.4 million barrels per day in October, on track to reach a new annual record high for this year. ... The oil cartel ...
That’s up from $3.782 a week ago and $3.779 a month ago but still well down from the all-time high of $5.016 set on June 14, 2022. ... How Much Will Gas Prices Go Up as OPEC Slashes Oil ...
In recent years prices have greatly exceeded those levels and the Alberta government expects $116 billion worth of new oil sands projects to be undertaken between 2008 and 2017. [6] However the biggest constraint on oil sands development is a serious labor and housing shortage in Alberta as a whole and the oil sands centre of Fort McMurray in ...
Also in May, Saudi Arabia lowered the price of its Arab Light crude grade to Europe for the month of June. The price of the Arab Light benchmark sold in the US in June remained the same, at $5.65 per barrel above the Argus Sour Crude Index. [198] Meanwhile, Kuwait became the second-largest OPEC member to cut its prices for Asia, after Saudi Arabia.
The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production.
West Texas Intermediate futures sank more than 2% to close at $75.96 per barrel while Brent crude, the international benchmark price settled at $82.83 per barrel.
Other well-known blends include the OPEC Reference Basket used by OPEC, Tapis Crude which is traded in Singapore, Western Canadian Select used in Canada, Bonny Light used in Nigeria, Urals oil used in Russia and Mexico's Isthmus. Energy Intelligence Group publishes a handbook which identified 195 major crude streams or blends in its 2011 ...
That same month, OPEC+ extended a cut of 1.65 million barrels per day announced in April 2023 until the end of 2025. Oil prices rose initially but settled slightly lower Thursday.