भारत ऑनलाइन क्रिकेट सट्टेबाजी क्रिकेट सट्टेबाजी

भारत ऑनलाइन क्रिकेट सट्टेबाजी क्रिकेट सट्टेबाजी

भारत ऑनलाइन क्रिकेट सट्टेबाजी क्रिकेट सट्टेबाजी

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OPEC oil price annually 1960-2020

The preliminary average annual oil price per barrel stood at 39.7 U.S. dollars as of July 2020. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries. The following countries are members of the organization: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. The OPEC was founded in 1960 in Baghdad, Iraq.

Benchmark crude oil prices

The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between given maxima and minima.
The OPEC Basket is one of the most significant benchmarks for crude oil prices worldwide. The most important are UK Brent, West Texas Intermediate (WTI) spot prices, and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market.

Average annual OPEC crude oil price from 1960 to 2020

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Sources

Release date

भारत ऑनलाइन क्रिकेट सट्टेबाजी क्रिकेट सट्टेबाजीAugust 2020

Region

Worldwide

Survey time period

1960 to 2020

Supplementary notes

* 2019 data was calculated by Statista using monthly data, data for 2020 is preliminary as of July.
The prices are annual averages of selected OPEC crude oils (OPEC basket).

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