OPEC Daily Basket Price Declines

Faizan Hashmi Published October 15, 2019 | 11:53 PM

The Organization of the Petroleum Exporting Countries (OPEC) daily basket price declined to stand at 59.95 U.S. dollars a barrel on Monday, compared with 60.97 dollars the previous Friday, according to OPEC Secretariat calculations

VEINNA, (UrduPoint / Pakistan Point News - 15th Oct, 2019 ):The Organization of the Petroleum Exporting Countries (OPEC) daily basket price declined to stand at 59.95 U.S. dollars a barrel on Monday, compared with 60.97 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.