VIENNA, March 10 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) daily basket price dropped to 34.71 U.S. dollars a barrel on Monday, compared with 48.33 dollars on the previous trading day of Friday, according to OPEC Secretariat calculations.
Also known as the OPEC reference basket of crude (ORB), the OPEC basket is a weighted average of oil prices from different OPEC members around the world.
Currently it averages the oil prices of 14 countries, namely Algeria, Angola, the Republic of the Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. Enditem
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