The price of Organizations of Petroleum Exporting Countries basket of 12 crude has plunged from $88.32 to $88.27 per barrel, according to its Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) 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).
According to available statistics, the OPEC Reference Basket dropped to $4.77 to stand at $95.98/b in September, as slow demand and ample supply continue to weight on the oil market.
OPEC, in its report stated that ICE Brent dropped almost 85per cent from the peak seen in June 2014.
