OPEC daily basket price stands at 23.48 USD per barrel

By MG News | April 07, 2020 at 02:32 PM GMT+05:00

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Apr 07, 2020: The Organization of the Petroleum Exporting Countries (OPEC) daily basket price stood at 23.48 U.S. dollars a barrel on Monday, compared with 23.01 dollars on Friday, according to OPEC Secretariat calculations released Tuesday.

Also known as the OPEC reference basket of crude oil (ORB), 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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