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OPEC Basket Price

The new OPEC Reference Basket (ORB)

Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Notes:

  • As of January 2006: The Weekly, Monthly, Quarterly & Yearly averages are based on daily quotations.
  • As of January 2007: The basket price includes the Angolan crude “Girassol”.
  • As of 19 October 2007: The basket price includes the Ecuadorean crude “Oriente”.
  • As of January 2009: The basket price excludes the Indonesian crude “Minas”.
  • As of January 2009: The Venezuelan crude “BCF-17” was replaced by the crude “Merey”.
  • As of January 2016: The basket price includes the Indonesian crude “Minas”.
  • As of July 2016: The basket price includes the Gabonese crude “Rabi Light”.
  • As of January 2017: The basket price excludes the Indonesian crude “Minas”.
  • As of June 2017: The basket price includes the Equatorial Guinean crude “Zafiro”.
  • As of June 2018: The basket price includes the Congolese crude “Djeno”.
  • As of January 2019: The basket price excludes the Qatari crude “Qatar Marine”.
  • As of 6 March 2020: The basket price excludes the Ecuadorean crude “Oriente”.
  • As of January 2022: The basket price includes Iraqi Basrah Medium instead of Basrah Light.
  • As of January 2024: The basket price excludes the Angolan crude “Girassol”.

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