D Dominion Energy Inc

The average price of OPEC's basket of crudes has fallen below $90 a barrel for the first time in more than two years amid abundant supplies.

The news underscores the pain faced by members of the Organization of the Petroleum Exporting Countries, most of whom need higher prices to balance their budgets.

The organization said Wednesday that the average price of its members" crudes basket stood at $89.37 a barrel, compared with $90.40 the previous day. That level hadn't been touched since June 2012.

OPEC's basket price has now fallen lower than Brent--the international benchmark--which still trades above $90 a barrel.

Write to Benoit Faucon at benoit.faucon@wsj.com

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