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OPEC oil price drops to USD 81.17 pb

OPEC
OPEC
VIENNA, Oct 17 (KUNA) -- Price of OPEC basket of crudes stood at USD 81.17 a barrel Thursday, compared with USD 81.89 the previous day, the cartel bulletin said in a statement on Friday.
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, in 1960, by the oil-producing countries; Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The cartel, which oversees market conditions and oil prices, now comprises 12 oil-rich nations.
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). (end) amg.rk