![]() The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. The aim of the OPEC is to coordinate the oil policies of its member states. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and as of June 2021 it includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The 2020 fall in prices was the result of a significant decline in transportation fuel demand and weakened economic prospects during the coronavirus pandemic. dollars the previous year, which was only slightly higher than the average annual price during the 2016 oil crisis. ![]() The preliminary 2021 annual average OPEC oil price stands at 68.19 U.S.
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