Opec may give more weight to heavy oil

The Organisation of Petroleum Exporting Countries will next month consider a change in the composition of its oil price index to reflect the true value of Middle East oil exports, as a first step to raising its price target, Opec officials said.

The present oil index, or Opec basket, has been labelled “unrealistic” as its composition is weighted towards high-quality crude, while most Opec exports are of sour, heavy, low-quality crude.

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