The Organization of the Petroleum Exporting Countries (OPEC) daily basket price dropped to 12.41 U.S. dollars a barrel on Tuesday, compared with 13.30 dollars on Monday, according to OPEC Secretariat calculations released on Wednesday.
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
