The data depicts the monthly average crude oil prices of the OPEC (Organization of Petroleum Exporting Countries) basket for the period between July 2017 to July 2018. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an important benchmark for crude oil prices. In July 2018, the average price of the OPEC basket was some 73.27 USD per barrel.
The OPEC basket oil price
The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket.
