Shafaq News / the Organization of Arab Petroleum Exporting Countries (OAPEC) reported that the monthly average price of the OPEC basket decreased to 40.62 dollars per barrel in October 2020.

The report stated "OPEC estimates a decrease in the monthly average price of its basket to 40.62 dollars per barrel during the month of October 2020, about 2.2% less than in the previous month.

"It is expected that the annual average price of the OPEC basket of crudes will decline in 2020 to $ 40.62 a barrel, which is an average of $ 23.4 per barrel, or 36.6%, compared to 2019."

The report pointed out, "Oil prices fell after concerns of a supply glut and a spike in global COVID-19 cases fueled demand worries.”