OPEC Oil Barrel Price Drops to $27.07, Lowest Level Since October 2003

The Organization of the Petroleum Exporting Countries' (OPEC) Reference Basket of petroleum blends fell in value by 4.88 percent on Monday, reaching the same level as October 1, 2003, or $27.07 per barrel, according to a statement by the organization.

MOSCOW (Sputnik) – January's average oil price currently stands at $29.35 per barrel.

The average price of the OPEC oil basket stood at $105.87, $96.29 and $49.49 per barrel in 2013, 2014, and 2015, respectively. The basket price was just below the $100-level in September 2014, at $95.98 per barrel, before it commenced its current downward trajectory.

In 2011 and 2012, the average price of the basket amounted to $107.46 and $109.45 per barrel, respectively. The record basket price of $140.73 dollars per barrel was registered on July 3, 2008.

The basket price is the average price of the following varieties of petroleum blends produced by OPEC member states: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela).