OPEC daily basket price increases

MG News | November 05, 2019 at 04:26 PM GMT+05:00

0:00

November 05, 2019: The Organization of the Petroleum Exporting Countries (OPEC) daily basket price increased to 62 U.S. dollars a barrel on Monday, compared with 60.19 dollars the previous Friday, according to OPEC Secretariat calculations.

Also known as the OPEC reference basket of crude (ORB), the OPEC basket is a weighted average of oil prices from different OPEC members around the world.

Currently it averages the oil prices from 14 countries, namely Algeria, Angola, the Republic of the Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela.

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