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VIENNA, March 25 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) daily basket price increased to 26.53 U.S. dollars a barrel on Tuesday, up from 24.72 dollars on Monday, according to an OPEC statement.
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.
