The average oil price for OPEC crude oils in February was 55.53$ per barrel while the price was 65.11$ per barrel in January of 2020. Over last twelve months the price has fallen 12.99%.
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.