The average oil price of the oil exploration organization (OPEC) dropped to $ 68.89 a barrel on Friday and announced the cartel on its website today. On Thursday, the OPEC basket barrel was traded to $ 70.68.
For the determination of OPEC's oil price, The oil bracket, which includes 14 oil varieties for export to the cartel members: Light Arab (Saudi Arabia), Basra light (Iraq), Bonnie Lark (Nigeria) Libya, Girasal (Angola), Iranian heavyweight (Iran), Kuwait ), Rabbi Lack (Gabon), and Zafiro (Equatorial Guinea), the United States of America (UAE), Oriental (Ecuador), Qatar (Qatar), Shahar blend or Sahara Algeria).
The historical ceiling for the OPEC basket is $ 140.73 per barrel, announced on 3 July 2008.
The price of barrel oil is determined by subtracting the arithmetic mean at the time of export closure with all varieties of the OPEC basket on the previous business day.