The Organization of the Petroleum Exporting Countries (OPEC) daily basket price decreased to 55.88 U.S. dollars a barrel on Tuesday, compared with 56.11 dollars on Monday, according to OPEC Secretariat calculations.
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 14 countries, namely Algeria, Angola, the Republic of Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. Enditem
