OPEC daily basket price dropped by USD 1.42 to stand at USD 74.28 a barrel on Tuesday, compared with USD 75.70 the previous day, said the OPEC bulletin on Wednesday.
The OPEC basket of crudes is made up of the following: 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), Murban (UAE) and Merey (Venezuela).
OPEC will hold its annual ministerial meeting tomorrow morning at its headquarters, to discuss the latest developments in oil prices, and the market's supply and demand mechanism.