OPEC daily basket price plunges to $17.51 USD per barrel

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The Organization of the Petroleum Exporting Countries (OPEC) is dominated by oil-rich Saudi Arabia, which since June 2017 has led a bloc of countries in imposing a blockade on Qatar. (Reuters Archive)

VIENNA, April 16 (Xinhua) — The Organization of the Petroleum Exporting Countries (OPEC) daily basket price dropped to 17.51 U.S. dollars a barrel on Wednesday, compared with 19.70 dollars on Tuesday, according to OPEC Secretariat calculations released on Thursday.

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