OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo

The Organization of the Petroleum Exporting Countries (OPEC) daily basket price dropped to 16.87 U.S. dollars a barrel on Wednesday, compared with 22.61 dollars on Tuesday, according to OPEC Secretariat calculations.

Also known as the OPEC reference basket of crude oil, 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. Enditem

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