The price of the Organisation of Petroleum Exporting Countries (OPEC) basket of 13 crudes stood at $80.43 per barrel on Tuesday.

This is compared with $78.25 the previous day, according to OPEC Secretariat calculations.

On September 30, the crudes stood at $77.72, while they stood at $76.36 on October 1.

Valuechain reports that the new OPEC Reference Basket of Crudes (ORB) was introduced on June 16, 2005.

It is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).