OPEC basket rises in price

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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).

World oil prices have started to drop on Jan.16 after the rise on the same day on hopes for cuts in production.

The price of March futures for Brent crude oil dropped by 0.09 percent as of 07:50 EST and stood at $55.40 per barrel. This is while the price of February futures for West Texas Intermediate (WTI) oil decreased by 0.13 percent to $52.30 per barrel.