OPEC's daily basket oil price slides below $17 a barrel

FILE PHOTO: An OPEC sign outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC), Austria, December 6, 2019. REUTERS/Leonhard Foeger/File Photo

LONDON (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday its daily basket oil price fell to $16.87 a barrel on April 1, down from $22.61 the previous day, its lowest since it was introduced in 2005.

The basket was introduced on 16 June 2005 and includes Algeria’s Saharan Blend, Angola’s Girassol, Congo’s Djeno, Equatorial Guinea’s Zafiro, Gabon’s Rabi Light and Iran Heavy.

Iraq’s Basra Light, Kuwait Export, Libya’s Es Sider, Nigeria’s Bonny Light, Saudi’s Arab Light, the UAE’s Murban and Venezuela’s Merey are also included.

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Reporting by Ahmad Ghaddar; editing by Jan Harvey and Barbara Lewis