OPEC Basket

OPEC Basket,

Definition of OPEC Basket:

  1. 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. OPEC’s member countries produce in total 40 percent of the world’s oil.

  2. An average that is determined by the production and exports of each oil producing country. This reference is typically used as a reference point in monitoring the market conditions of oil throughout the world. This weighted average collects oil prices from a number of oil producing countries.

  3. The OPEC basket is a weighted average of oil prices from the different OPEC members around the world. Members of the Organization of the Petroleum Exporting Countries (OPEC) contribute data which forms the basis of the basket. The basket is a benchmark, or reference point, for those monitoring the price of oil and the stability of the global oil market.

Meaning of OPEC Basket & OPEC Basket Definition

OPEC Basket,

OPEC Basket Meanings:

  • Meaning of OPEC Basket: The OPEC basket is averaging the oil prices of various OPEC members around the world. Members of the Organization of Petroleum Exporting Countries (OPEC) provide data that serves as the basis for the product basket. This basket is a reference for those who keep an eye on the price of oil and the stability of the global oil market.

Literal Meanings of OPEC Basket

OPEC:

Meanings of OPEC:
  1. Organization of Petroleum Exporting Countries

Basket:

Meanings of Basket:
  1. Containers for storing or transporting goods are usually made of woven sticks or pieces of wire.

  2. The ring serves as a target.

Sentences of Basket
  1. Dirty clothes basket

  2. Near the basket two good rebound l. Hold and hit a player.

Synonyms of Basket

container, receptacle, case, holder, box, vessel