Advertisement Space — Coming Soon
ORB Nominal vs Real Price
(Source: OPEC)
As covered in our section on Opec Reference Basket (ORB) Component prices, ORB corresponds to Algeria: Saharan Blend, Congo: Djeno , Equatorial Guinea: Zafiro, Gabon: Rabi Light , IR Iran: Iran Heavy , Iraq: Basrah Light/Medium (As of 2022, ORB based on Basrah Medium, before Basrah Light) , Kuwait: Kuwait Export, Libya: Ess Sider, Nigeria: Bonny Light , Saudi Arabia: Arab Light , United Arab Emirates: Murban , Venezuela: Merey
Table below captures trend in OPEC Reference Basket in nominal and real terms. Here Base: 2017 = 100, or in other words, nominal and real prices are same for 2017. Real ORB price reflects OPEC’s adjustment of the nominal OPEC Reference Basket price for inflation and exchange-rate effects w.r.t. the base year
Advertisement Space — Coming Soon
| Year | Nominal oil price dollar per bbl | Real oil price dollar per bbl |
|---|---|---|
| 2024 | 79.9 | 78.8 |
| 2023 | 83.0 | 83.2 |
| 2022 | 100.1 | 100.9 |
| 2021 | 69.9 | 66.5 |
| 2020 | 41.5 | 41.0 |
| 2019 | 64.0 | 63.4 |
| 2018 | 69.8 | 67.9 |
| 2017 | 52.4 | 52.4 |
| 2016 | 40.8 | 41.3 |
| 2015 | 49.5 | 49.7 |
| 2014 | 96.3 | 90.3 |
| 2013 | 105.9 | 100.7 |
| 2012 | 109.5 | 106.3 |
| 2011 | 107.5 | 104.4 |
| 2010 | 77.5 | 81.0 |
| 2009 | 61.1 | 66.0 |
| 2008 | 94.5 | 100.0 |
| 2007 | 69.1 | 80.2 |
| 2006 | 61.1 | 77.1 |
| 2005 | 50.6 | 66.0 |
| 2004 | 36.1 | 48.6 |
| 2003 | 28.1 | 40.6 |
| 2002 | 24.4 | 38.5 |
| 2001 | 23.1 | 37.6 |
| 2000 | 27.6 | 44.3 |
| 1999 | 17.5 | 27.2 |
| 1998 | 12.3 | 19.2 |
| 1997 | 18.7 | 28.6 |
| 1996 | 20.3 | 30.2 |
| 1995 | 16.9 | 25.7 |
| 1994 | 15.5 | 26.3 |
| 1993 | 16.3 | 26.4 |
| 1992 | 18.4 | 29.8 |
| 1991 | 18.6 | 31.4 |
| 1990 | 22.3 | 36.6 |
| 1989 | 17.3 | 29.6 |
| 1988 | 14.2 | 24.9 |
| 1987 | 17.7 | 33.6 |
| 1986 | 13.5 | 28.5 |
| 1985 | 27.0 | 67.8 |
| 1984 | 28.2 | 70.2 |
| 1983 | 29.0 | 69.3 |
| 1982 | 32.4 | 76.7 |
| 1981 | 32.5 | 74.4 |
| 1980 | 28.6 | 63.3 |
| 1979 | 17.3 | 41.6 |
| 1978 | 12.7 | 33.7 |
| 1977 | 12.4 | 38.9 |
| 1976 | 11.5 | 39.9 |
| 1975 | 10.7 | 38.1 |
| 1974 | 10.7 | 42.3 |
| 1973 | 3.1 | 13.2 |
| 1972 | 2.3 | 11.7 |
Advertisement Space — Coming Soon