Crude oil significantly influences the economic conditions and production capacities of various nations, affecting sectors like education, agriculture, transportation, infrastructure, health, and security.
Recently, crude oil prices have fluctuated globally due to shifts in demand and supply chain disruptions. Geopolitical tensions, especially in the Middle East, continue to impact oil prices across the twelve member nations of the Organisation of the Petroleum Exporting Countries (OPEC).
For example, Saudi Arabia’s Arab Light crude is priced at $71.89 per barrel, reflecting stability. In contrast, Iraq’s Basrah Light is at $66.72 per barrel, experiencing a slight decrease due to fluctuating demand and regional market conditions. The United Arab Emirates’ Murban crude, at $71.15 per barrel, also shows stable pricing, while Kuwait’s Export Blend, at $74.64 per barrel, has adjusted in line with regional trends. Nigeria’s Bonny Light is priced at $78.62 per barrel, influenced by logistical challenges and global demand shifts.
Venezuela’s Merey is sold at $73.20 per barrel, reflecting significant discounts due to production issues and economic difficulties. Algeria’s Saharan Blend, at $73.19 per barrel, remains relatively stable, while Libya’s Es Sider crude, priced at $88.80 per barrel, reflects local production dynamics and global market changes. Angola’s Girassol sells for $79.56 per barrel, showing stable production, while Congo’s Djeno is priced at $87.00 per barrel, affected by regional market factors and production levels. Equatorial Guinea’s Zafiro, at $88.50 per barrel, and Gabon’s Rabi Light, at $86.70 per barrel, are both impacted by logistical challenges and global demand.
These price variations highlight the diverse economic conditions and market strategies within OPEC. While some countries enjoy stable production and higher prices, others face lower prices due to production challenges and fluctuating demand.
