OPEC daily basket price stands at 22.83 USD per barrel

MG News | May 13, 2020 at 03:19 PM GMT+05:00

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May 13, 2020: The Organization of the Petroleum Exporting Countries (OPEC) daily basket price stood at 22.83 U.S. dollars a barrel on Tuesday, compared with 22.71 dollars on Monday, according to OPEC Secretariat calculations released on Wednesday.

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