OPEC Daily Basket Price Stands At $14.63 Per Barrel

The Organisation of the Petroleum Exporting Countries (OPEC) daily basket price stood at 14.63 U.S. dollars a barrel on Tuesday, compared with 14.19 dollars on Monday.

This is according to OPEC Secretariat calculations released on Wednesday.

Also known as the OPEC reference basket of crude oil (ORB), the OPEC basket is a weighted average of oil prices from different OPEC members around the world, and is used as an important benchmark for crude oil prices.

It currently averages the oil prices of 13 countries, namely Algeria, Angola, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela.