The price of oil from the Organization of the Petroleum Exporting Countries (OPEC) yesterday collapsed to $63.40 per barrel, the oil cartel informed today on its website. This is the lowest price level of OPEC oil since April 2021, according to a report on the organization's website, BTA reports.
On Tuesday, one barrel was selling for $66.54.
The so-called oil basket, including 13 grades of oil for export to the cartel's member countries: Arabian Light (Saudi Arabia), Basra Light (Iraq), Boni Light (Nigeria), Es Sider (Libya), Girasol (Angola), Iranian Heavy (Iran), Kuwait Export (Kuwait), Merey (Venezuela), Murban (UAE), Saharan Blend or "Saharan Blend" (Algeria), Rabi Light (Gabon), Djeno (Congo) and Zafiro (Equatorial Guinea).
The historical maximum for the "OPEC basket" is the price of $140.73 per barrel, recorded on July 3, 2008.
The price of a barrel of oil is determined by deriving an arithmetic mean of the quotes at the time of the close of trade with all grades of the "OPEC basket" the previous business day.