In May of 2023, the average price of the OPEC basket was $75.81 per barrel, while the price was $84.36 dollars per barrel in April of 2023. Over last twelve months the price has fallen 33.46%.
The OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC countries members. It is used as an important benchmark for crude oil prices.
OPEC stands for Organization of the Petroleum Exporting Countries, it coordinates the oil policies of its member countries, and consequently to have the influence on the international oil market.
These are the members of the OPEC: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates.
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