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OPEC uses the price of this basket to monitor world oil market conditions. OPEC prices are lower because the oil from some of the countries has higher sulphur  Crude oil is defined as “a mixture of hydrocarbons that existed in the liquid The top 20 countries in the world in terms of proved oil reserves are shown in Table 5.1. If Saudi Arabia really has 263 billion barrels of reserves, they too could 

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