In April 2025, the average price of the OPEC basket was 68.98 U.S. dollars per barrel. This was a notable decrease compared to the previous month and the lowest value in the past 24 months. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. 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. The OPEC basket oil price The OPEC crude oil price is defined by the price of the so-called OPEC (reference) basket. This basket is an average of the prices of petroleum blends that are produced by the OPEC members. The following countries are members of this organization: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, and Arab Light from Saudi Arabia. The OPEC reference basket includes both heavy and light crude oils, and is heavier than most other crudes. OPEC's oil production amounted to 34 million barrels per day in 2023. Oil price benchmarks The OPEC basket is one of the most crucial benchmarks for crude oil pricing worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. Looking at the OPEC price within the last two years, the highest price was some 94.6 U.S. dollars per barrel in September 2023.