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The Organisation of Petroleum Exporting Countries' reference crude price is between US$22 and US$28 a barrel. With the basket price rising to about US$34 this month, the cartel is considering raising this to US$32 to US$40.

The Opec basket of seven selected crudes  comprises Saharan blend (Algeria), Minas (Indonesia), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Dubai (United Arab Emirates), Tia Juana Light (Venezuela), and Isthmus (Mexico, which is a not a member of Opec).



Cartel considers raising basket price