The Organisation of the Petroleum Exporting Countries(OPEC) Secretariat released their calculations today that the daily basket price stood at 14.63 U.S. dollars a barrel on Tuesday, compared with 14.19 dollars on Monday.
OPEC reference basket of crude oil (ORB), which is also referred to OPEC basket, is a weighted average of prices for petroleum blends produced by OPEC members around the world. It is used as an important benchmark for crude oil prices.
It currently averages the oil prices of 13 countries; Algeria, Angola, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela.