The price of the OPEC basket of twelve crudes went below the $40 a barrel level for the first time in 11 years, standing at $39.21 a barrel on 13 November, the organisation's secretariat said. On 12 November, the price stood at $40.21.
The last time it fell to $39 was in 2004.
The new OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia) and Merey (Venezuela).
A barrel equals 159 litres.
