58
39
th
Annual Report
with various degrees. However, the average price of light sweet crudes
fell or increased by a lower rate compared with heavy sour crudes.
This led to reducing the differential between different crudes.
Algerian crude decreased by $1.2/b or 1.1% compared with
previous year to $111.7/b, while Kuwaiti crude went up by $3.6/b or
3.4% to $109.2/b. This led to narrowing the differential between the
two crudes from $7.3/b in 2011 to $2.5/b in 2012.
Saudi Arabian light crude rose by 2.4% to $110.4/b, the UAE’s
Murban crude increased also by 2.1% to $112.1/b, Libyan Sidra
increased by 0.2% to $112.1/b. While Qatar Marine crude and
Iraqi Basra increased by 2.9% and 2%, to $109.6/b and $108.3/b
respectively, as shown in
Table (1-9)
.
Figure 1 - 9
Annual Average Prices of OPEC Basket, U.S Crude, Brent, and
Dubai for the Period 2008-2012
($/barrel)
50
60
70
80
90
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
0
20
40
60
80
100
120
2008
2009
2010
2011
2012
OPEC Basket
WTI
Brent
Dubai
