MOSCOW (Sputnik) — The price dropped by $0.82 and made $38.97 per barrel on Friday, the organization said in a statement.
According to OPEC, the average July basket price stood at $42.68. The average price of the OPEC 2016 basket stands at $37.2, compared to $49.49 in 2015 and $96.29 in 2014.
The OPEC basket price is a weighted average of prices for petroleum blends produced by OPEC countries, including Algerian Saharan Blend, Angola's Girassol, Ecuadorian Oriente, Gabon's Rabi Light, Minas of Indonesia, Iran Heavy, Iraqi Basra Light, Kuwait Export, Libyan Es Sider, Nigerian Bonny Light, Qatar Marine, Saudi Arab Light, UAE Murban and Venezuela's Merey.