The Organization of Petroleum Exporting Nations (OPEC) reported yesterday that the average price of 13 crudes produced by member nations, which make up its basket of crudes, was $95.73 per barrel.
According to OPEC’s report released today, the annual rate of the basket price in 2021 and 2020, respectively, would be about 69. 89 and 41. 47 dollars per barrel, respectively.
Thirteen crudes make up the OPEC reference basket of crudes, one for each member country’s main oil export.
95.73 dollars is the cost of the OPEC crude basket.
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