OPEC daily basket price stands at US$22.71 per barrel

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Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico. (Xinhua/Zhang Cheng)
Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico. (Xinhua/Zhang Cheng)

The Organization of the Petroleum Exporting Countries (OPEC) daily basket price stood at 22.71 U.S. dollars a barrel on Monday, compared with 22.21 dollars on Friday, according to OPEC Secretariat calculations released on Tuesday.

The OPEC basket, also known as the OPEC reference basket of crude oil (ORB), is a weighted average of oil prices from different OPEC members around the world and 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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