OPEC daily basket price drops to 26.04 USD per barrel

The Organization of the Petroleum Exporting Countries (OPEC) daily basket price dropped to 26.04 U.S. dollars a barrel on Thursday, compared with 26.94 dollars on Wednesday, 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 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.