The price of OPEC’s basket of 13 crudes stood at $44.38 per barrel on June 15, as compared to $45.16 a barrel on June 14, the cartel said in a message on its website.

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).

This is while the price for August futures of Brent crude oil has increased by 0.75 percent to $47.27 per barrel as of 08:46 (GMT +4).

Meanwhile, the price for July futures of West Texas Intermediate (WTI) has grown by 0.52 percent and stood at $44.69 per barrel.