The average oil price for OPEC crude oils in April was $50.2 per barrel while the price was $45.78 per barrel in March of 2009. Over last twelve months the price has fallen 52.26%.
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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