Oil is an important commodity these days and the world market is full of different variety of crude and where a country uses more than one type of crude, we call it the crude basket of the country.
We have the Brent Crude, Iraq Crude, Iranian Crude, African Crude and many more varieties. Oil price of each of these crude varies accordingly to the quality and one another major factor OPEC countries or Organization of Petroleum Countries.
Approximately,40 percent of the world’s crude oil is produced by OPEC member countries. Further, OPEC exports about 60 percent of the total petroleum traded internationally and this is why OPEC’s actions influence international oil prices.
Oil Rate is Traded or defined with respect to barrel and 1 barrel=159 L approx.