The OPEC daily basket price dropped to USD 44.85 a barrel on Wednesday, compared with USD 46.62 the previous day, the cartel said here on Thursday.
The annual rate of the OPEC basket price for 2014 amounted to USD 96.29, it added.
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 (Venez).
During their recent meeting, OPEC oil ministers decided to maintain the cartel's production level at 30 million barrels per day.