The Organisation of Petroleum Exporting Countries (OPEC) daily basket price was down 49 cents on Tuesday and stood at USD 103.65 per barrel (pb) compared with USD 104.14 last Monday, OPEC bulletin said Wednesday.
The annual average of OPEC basket last year was USD 105.85.
The new OPEC Reference Basket of Crudes (ORB) is made up of 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).