Shafaq News/ The Organization of Petroleum Exporting Countries ( OPEC)  said on Thursday, that the price of oil in its daily basket fell to 16.87 dollars a barrel in the 1^st of April, down from 22.61 dollars the day before.

The "OPEC" basket is an average of the prices of crude oil produced by members of the "OPEC".

The basket includes Basra Light, Kuwaiti Export Crude, Libyan Sidr, Nigerian Light Boni, Saudi Light Arabian, Marban Al-Emarati, Miri Al-Venezueli, in addition to other materials.

Oil prices have recently fallen to their lowest levels in nearly 18 years, since March 6, they have fallen by more than 50% in light of declining demand.