The Organization of Petroleum Exporting Countries pegged the value of its reference basket of 12 crude oils at $77.13 a barrel.
The Organization of Petroleum Exporting Countries pegged the value of its reference basket of 12 crude oils at $77.13 a barrel Thursday, up 36 cents from $76.77 a barrel Wednesday, OPEC said Monday.
OPEC's basket of 12 oils consists of Saharan Blend, Girassol, Oriente, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Qatar Marine, Arab Light, Murban and Merey.
The basket isn't used to set any oil prices in the market, but it does give a picture of the value of OPEC's output.
OPEC devised a new basket after members complained the old basket overstated the value of the group's output. They pushed for a basket that better represented grades that are higher in sulfur and, as such, cheaper.
On Jan. 30, 2005, OPEC suspended its official price band of $22-$28 a barrel because concerns about global stability pushed oil prices up sharply, rendering it irrelevant.