OPEC daily basket price drops to 24.72 USD per barrel

MG News | March 24, 2020 at 02:58 PM GMT+05:00

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Mar 24, 2020: The Organization of the Petroleum Exporting Countries (OPEC) daily basket price dropped to 24.72 U.S. dollars a barrel on Monday, compared with 28.57 dollars on Friday, according to OPEC Secretariat calculations.

Also known as the OPEC reference basket of crude oil, the OPEC basket is a weighted average of oil prices from different OPEC members around the world and is used as an important benchmark for crude oil prices.

It currently averages the oil prices of 13 countries, namely, Algeria, Angola, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.

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