The price of OPEC basket of fourteen crudes stood at $64.72 a barrel on Monday, 8th of July, compared to $63.55 the previous Friday, WAM quoted OPEC Secretariat calculations as saying.
The basket, include a mix of light and heavy crudes, from all member states.
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 14 nations, founded in 1960, giving OPEC a major influence on global oil prices that were previously determined by the so called “Seven Sisters” grouping of multinational oil companies.
As of January 2019, OPEC has 14 member countries: five in the Middle East (Western Asia), seven in Africa, and two in South America.
According to the U.S. Energy Information Administration (EIA), OPEC’s combined rate of oil production (including gas condensate) represented 44 percent of the world’s total in 2016, and OPEC accounted for 81.5 percent of the world’s “proven” oil reserves.
Approval of a new member country requires agreement by three-quarters of OPEC’s existing members, including all five of the founders.