Chart of the day: OPEC Basket Price Vs ASI (365 Day Chart)
The OPEC basket is a weighted average of oil prices from the different OPEC members around the world. The basket is a benchmark, or reference point, for those monitoring the price of oil and the stability of the global oil market.
Today, the OPEC basket averages the prices from Algeria, Angola, Ecuador, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. These fourteen countries represent the membership of OPEC.
Many other countries throughout the world also produce oil. However, they are not OPEC members. Russia, the U.S., China, and Canada are all major oil producers but not OPEC members. OPECâ€™s member countries produce in total 40 percent of the worldâ€™s oil.
(Definition Source: Investopedia.com)
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