The price of OPEC basket of twelve crudes climbed to $105.62 a barrel on Wednesday, compared with $105.26 the previous day, according to OPEC Secretariat calculations.
Opec prices have begun to rebound after falling from $107.94 on December 31, 2013 to $103.92 on January 14, 2014.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
OPEC is a permanent intergovernmental organisation of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries.
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