A Review of the Nigerian Energy Industry

OPEC daily basket price close at $109.10/b

13 August 2012, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 109.10 dollars a barrel on Friday, compared with $108.39 the previous day, according to OPEC Secretariat calculations.

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).

Week-ending quotations of OPEC reference basket price

Month           Wk           Ending           Basket
July 2012        29             (20/07)       $ 102.07
30            (27/07)        $ 101.04
August2012    31             (03/08)       $ 103.05
32            (10/08)        $ 107.82

Monthly Average:     June 2012        $ 93.98
July 2012          $ 99.55

Mth-to-Date Avg.         August 2012    $106.15

Quarterly Average:   2Q12:                 $ 106.61
Qtr-to-Date Avg.             3Q12:                $ 101.31

Yearly Average:         2011                   $ 107.46
Yr-to-Date Avg.              2012                   $ 110.01

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