OPEC stands for “Organization of the Petroleum Exporting Countries,” and was founded in 1960 in Baghdad, Iraq. The main aim of OPEC is to coordinate the oil policies of its members, and thus to have more influence on the international oil market. It is used as an important benchmark for crude oil prices.
In February 2021, the average price of the OPEC basket was 61.05 U.S. dollars per barrel, 5.5 U.S. dollars higher than in February 2020 and the highest monthly average since the spread of the coronavirus pandemic. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. Average monthly OPEC basket crude oil price from February 2020 to February 2021 (in U.S. dollars per barrel)
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MWV. (March 7, 2021). Average monthly OPEC basket crude oil price from February 2020 to February 2021 (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved March 09, 2021, from https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
MWV. "Average monthly OPEC basket crude oil price from February 2020 to February 2021 (in U.S. dollars per barrel)." Chart. March 7, 2021. Statista. Accessed March 09, 2021. https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
MWV. (2021). Average monthly OPEC basket crude oil price from February 2020 to February 2021 (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: March 09, 2021. https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
MWV. "Average Monthly Opec Basket Crude Oil Price from February 2020 to February 2021 (in U.S. Dollars per Barrel)." Statista, Statista Inc., 7 Mar 2021, https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
MWV, Average monthly OPEC basket crude oil price from February 2020 to February 2021 (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/ (last visited March 09, 2021)