Opec Reference Basket Components
(Source: OPEC)
OPEC Reference Basket (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
OPEC Reference Basket (ORB) price was introduced on 1 January 1987. Up to 15 June 2005, it was the arithmetic average of seven selected crudes
Thereafter from 16th June 2005, the OPEC Reference Basket (ORB) price is calculated as a production-weighted average of the prices of crude oil blends from different OPEC member countries. This means that the price of each type of crude oil in the basket is multiplied by the amount of that oil produced, and these values are then added together and divided by the total production. OPEC adjusts the specific crudes included in the basket over time to keep it representative of the member states' production
Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Qatar Marine (Qatar) were part of the ORB, when those counties were part of OPEC
Prices in $/bbl
In 2024, Venezuela's Merey had the lowest year average price at $ 65.3/bbl (-$14.6/bbl w.r.t. ORB price of $79.9/bbl), while Equatorial Guinea's Zafiro and Nigeria's Bonny Light both had year-average price at $ 82.2/bbl (+$2.3/bbl w.r.t. ORB)
| Year | Algeria Saharan Blend | Congo Republic of Djeno | Equatorial Guinea Zafiro | Gabon Rabi Light | IR Iran Iran Heavy | Iraq Basrah Light Medium | Kuwait Kuwait Export | Libya Ess Sider | Nigeria Bonny Light | Saudi Arabia Arab Light | United Arab Emirates Murban | Venezuela Merey | OPEC ORB | Algeria Saharan Blend vs ORB | Congo Republic of Djeno vs ORB | Equatorial Guinea Zafiro vs ORB | Gabon Rabi Light vs ORB | IR Iran Iran Heavy vs ORB | Iraq Basrah Light Medium vs ORB | Kuwait Kuwait Export vs ORB | Libya Ess Sider vs ORB | Nigeria Bonny Light vs ORB | Saudi Arabia Arab Light vs ORB | United Arab Emirates Murban vs ORB | Venezuela Merey vs ORB |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 81.7 | 73.2 | 82.2 | 80.2 | 79.7 | 78.4 | 80.7 | 79.7 | 82.2 | 81.5 | 79.7 | 65.3 | 79.9 | 1.8 | -6.7 | 2.3 | 0.3 | -0.2 | -1.5 | 0.8 | -0.2 | 2.3 | 1.6 | -0.2 | -14.6 |
| 2023 | 83.6 | 75.1 | 83.4 | 82.1 | 83.1 | 80.7 | 84.3 | 82.2 | 83.5 | 84.9 | 82.9 | 64.4 | 83.0 | 0.7 | -7.8 | 0.5 | -0.8 | 0.2 | -2.3 | 1.3 | -0.7 | 0.5 | 2.0 | -0.1 | -18.6 |
| 2022 | 104.2 | 93.7 | 102.9 | 100.6 | 99.9 | 97.3 | 101.2 | 101.3 | 103.6 | 101.6 | 98.9 | 77.0 | 100.1 | 4.2 | -6.4 | 2.8 | 0.6 | -0.2 | -2.8 | 1.1 | 1.2 | 3.6 | 1.6 | -1.2 | -23.1 |
| 2021 | 70.9 | 63.4 | 71.1 | 70.3 | 69.8 | 69.9 | 70.5 | 69.2 | 70.6 | 70.7 | 70.1 | 51.5 | 69.9 | 1.0 | -6.5 | 1.2 | 0.5 | -0.1 | 0.0 | 0.6 | -0.7 | 0.7 | 0.8 | 0.2 | -18.4 |
| 2020 | 42.1 | 35.8 | 41.5 | 40.2 | 40.8 | 41.6 | 41.5 | 40.1 | 41.5 | 41.9 | 43.0 | 28.1 | 41.5 | 0.6 | -5.7 | 0.1 | -1.3 | -0.7 | 0.1 | 0.0 | -1.4 | 0.1 | 0.4 | 1.5 | -13.4 |
| 2019 | 64.5 | 61.8 | 65.7 | 63.2 | 61.9 | 63.6 | 64.3 | 63.8 | 65.6 | 65.0 | 64.7 | 54.0 | 64.0 | 0.4 | -2.2 | 1.7 | -0.9 | -2.2 | -0.4 | 0.2 | -0.2 | 1.6 | 0.9 | 0.7 | -10.0 |
| 2018 | 71.4 | 68.6 | 71.4 | 70.3 | 68.0 | 68.6 | 68.9 | 69.8 | 72.1 | 70.6 | 72.2 | 64.5 | 69.8 | 1.7 | -1.2 | 1.6 | 0.5 | -1.8 | -1.2 | -0.9 | 0.0 | 2.3 | 0.8 | 2.4 | -5.3 |
| 2017 | 54.1 | 52.8 | 54.0 | 53.2 | 51.7 | 51.9 | 51.6 | 52.8 | 54.6 | 52.6 | 54.8 | 47.6 | 52.4 | 1.7 | 0.3 | 1.6 | 0.7 | -0.7 | -0.6 | -0.8 | 0.4 | 2.1 | 0.2 | 2.4 | -4.8 |
| 2016 | 44.3 | 42.0 | 42.4 | 42.6 | 39.6 | 39.5 | 39.3 | 42.7 | 44.0 | 41.0 | 44.8 | 34.0 | 40.8 | 3.5 | 1.2 | 1.7 | 1.9 | -1.2 | -1.2 | -1.5 | 1.9 | 3.3 | 0.2 | 4.1 | -6.7 |
| 2015 | 52.8 | 49.3 | 51.0 | 52.8 | 48.8 | 47.9 | 48.1 | 51.4 | 53.0 | 49.9 | 53.9 | 41.1 | 49.5 | 3.3 | -0.2 | 1.5 | 3.3 | -0.7 | -1.6 | -1.4 | 1.9 | 3.5 | 0.4 | 4.4 | -8.4 |
| 2014 | 99.7 | 98.3 | 96.2 | 94.5 | 95.3 | 98.5 | 100.9 | 97.2 | 99.5 | 86.9 | 96.3 | 3.4 | 2.0 | -0.1 | -1.8 | -1.0 | 2.2 | 4.6 | 0.9 | 3.2 | -9.4 | ||||
| 2013 | 109.4 | 109.2 | 105.7 | 103.6 | 105.0 | 108.5 | 111.4 | 106.5 | 108.2 | 96.7 | 105.9 | 3.5 | 3.3 | -0.1 | -2.3 | -0.8 | 2.6 | 5.5 | 0.7 | 2.3 | -9.2 | ||||
| 2012 | 111.5 | 112.0 | 109.1 | 108.0 | 108.9 | 111.9 | 113.7 | 110.2 | 111.8 | 100.1 | 109.5 | 2.0 | 2.6 | -0.4 | -1.5 | -0.5 | 2.4 | 4.2 | 0.8 | 2.3 | -9.4 | ||||
| 2011 | 112.9 | 111.9 | 106.1 | 106.2 | 105.6 | 111.9 | 114.2 | 107.8 | 109.8 | 97.9 | 107.5 | 5.5 | 4.4 | -1.3 | -1.3 | -1.8 | 4.4 | 6.7 | 0.4 | 2.3 | -9.5 | ||||
| 2010 | 80.4 | 79.2 | 76.7 | 76.8 | 76.3 | 79.1 | 81.1 | 77.8 | 79.9 | 69.7 | 77.5 | 2.9 | 1.7 | -0.7 | -0.7 | -1.1 | 1.7 | 3.6 | 0.4 | 2.5 | -7.8 | ||||
| 2009 | 62.4 | 61.3 | 60.6 | 60.5 | 60.7 | 61.5 | 63.3 | 61.4 | 63.8 | 55.9 | 61.1 | 1.3 | 0.2 | -0.4 | -0.6 | -0.4 | 0.4 | 2.2 | 0.3 | 2.7 | -5.2 | ||||
| 2008 | 99.0 | 94.7 | 91.5 | 92.1 | 91.2 | 96.7 | 100.6 | 95.2 | 99.0 | 86.7 | 94.5 | 4.5 | 0.2 | -3.0 | -2.4 | -3.3 | 2.2 | 6.1 | 0.7 | 4.6 | -7.7 | ||||
| 2007 | 74.7 | 70.4 | 67.1 | 66.4 | 66.4 | 71.4 | 75.1 | 68.8 | 72.9 | 61.8 | 69.1 | 5.6 | 1.3 | -2.0 | -2.7 | -2.7 | 2.3 | 6.1 | -0.3 | 3.8 | -7.3 | ||||
| 2006 | 66.1 | 62.1 | 59.3 | 58.0 | 58.9 | 63.4 | 66.8 | 61.1 | 66.1 | 52.0 | 61.1 | 5.0 | 1.0 | -1.8 | -3.1 | -2.2 | 2.3 | 5.8 | 0.0 | 5.0 | -9.1 | ||||
| 2005 | 54.6 | 51.3 | 48.0 | 48.3 | 48.7 | 52.6 | 55.7 | 50.2 | 54.1 | 40.5 | 50.6 | 4.0 | 0.7 | -2.7 | -2.3 | -2.0 | 2.0 | 5.0 | -0.4 | 3.5 | -10.1 | ||||
| 2004 | 38.3 | 36.3 | 33.1 | 34.6 | 34.1 | 36.6 | 38.3 | 34.5 | 36.7 | 36.0 | 2.3 | 0.2 | -3.0 | -1.4 | -2.0 | 0.5 | 2.2 | -1.5 | 0.6 | ||||||
| 2003 | 28.7 | 26.3 | 26.6 | 26.9 | 28.2 | 28.8 | 27.7 | 28.2 | 28.1 | 0.6 | -1.8 | -1.5 | -1.2 | 0.1 | 0.7 | -0.4 | 0.1 | ||||||||
| 2002 | 24.9 | 23.1 | 23.3 | 23.6 | 24.5 | 25.2 | 24.3 | 24.9 | 24.4 | 0.5 | -1.3 | -1.0 | -0.8 | 0.2 | 0.8 | 0.0 | 0.5 | ||||||||
| 2001 | 24.7 | 21.7 | 20.0 | 21.4 | 24.7 | 24.5 | 23.1 | 24.0 | 23.1 | 1.6 | -1.5 | -3.1 | -1.8 | 1.6 | 1.4 | -0.1 | 0.9 | ||||||||
| 2000 | 28.8 | 26.0 | 24.9 | 25.8 | 28.6 | 28.5 | 26.8 | 27.8 | 27.6 | 1.2 | -1.6 | -2.7 | -1.8 | 1.0 | 0.9 | -0.8 | 0.2 | ||||||||
| 1999 | 18.1 | 16.9 | 16.3 | 16.8 | 18.0 | 18.1 | 17.5 | 17.9 | 17.5 | 0.6 | -0.5 | -1.2 | -0.7 | 0.6 | 0.6 | 0.0 | 0.4 | ||||||||
| 1998 | 13.0 | 11.5 | 10.8 | 11.3 | 12.9 | 12.8 | 12.2 | 12.7 | 12.3 | 0.7 | -0.8 | -1.5 | -1.0 | 0.6 | 0.5 | -0.1 | 0.4 | ||||||||
| 1997 | 19.6 | 18.0 | 17.8 | 19.0 | 19.4 | 18.7 | 19.6 | 18.7 | 0.9 | -0.7 | -0.9 | 0.3 | 0.7 | 0.0 | 0.9 | ||||||||||
| 1996 | 21.3 | 18.5 | 18.4 | 20.7 | 21.2 | 19.9 | 20.3 | 20.3 | 1.0 | -1.8 | -1.9 | 0.4 | 0.9 | -0.4 | 0.0 | ||||||||||
| 1995 | 17.4 | 16.3 | 15.9 | 17.1 | 17.3 | 16.7 | 17.2 | 16.9 | 0.5 | -0.6 | -1.0 | 0.2 | 0.5 | -0.1 | 0.3 | ||||||||||
| 1994 | 16.2 | 14.6 | 14.1 | 15.6 | 16.2 | 15.4 | 16.2 | 15.5 | 0.7 | -1.0 | -1.4 | 0.0 | 0.7 | -0.1 | 0.7 | ||||||||||
| 1993 | 17.5 | 14.1 | 14.1 | 16.4 | 17.6 | 15.7 | 16.9 | 16.3 | 1.2 | -2.3 | -2.3 | 0.1 | 1.2 | -0.6 | 0.6 | ||||||||||
| 1992 | 20.0 | 16.7 | 16.8 | 18.8 | 20.0 | 17.9 | 18.9 | 18.4 | 1.6 | -1.7 | -1.6 | 0.4 | 1.5 | -0.5 | 0.4 | ||||||||||
| 1991 | 21.0 | 16.3 | 19.5 | 20.6 | 17.4 | 18.2 | 18.6 | 2.4 | -2.3 | 0.9 | 1.9 | -1.2 | -0.5 | ||||||||||||
| 1990 | 24.3 | 19.9 | 15.1 | 23.2 | 24.2 | 20.8 | 21.7 | 22.3 | 2.1 | -2.4 | -7.2 | 1.0 | 1.9 | -1.4 | -0.6 | ||||||||||
| 1989 | 18.5 | 15.5 | 16.3 | 15.2 | 17.8 | 18.5 | 16.2 | 16.6 | 17.3 | 1.2 | -1.8 | -1.0 | -2.1 | 0.5 | 1.2 | -1.1 | -0.7 | ||||||||
| 1988 | 15.1 | 12.9 | 13.7 | 12.6 | 14.4 | 15.1 | 13.4 | 13.9 | 14.2 | 0.9 | -1.4 | -0.6 | -1.6 | 0.2 | 0.9 | -0.8 | -0.3 | ||||||||
| 1987 | 18.4 | 16.6 | 16.9 | 16.5 | 17.7 | 18.5 | 17.2 | 17.5 | 17.7 | 0.6 | -1.2 | -0.8 | -1.3 | 0.0 | 0.8 | -0.5 | -0.2 | ||||||||
| 1986 | 14.5 | 13.0 | 13.6 | 12.7 | 13.4 | 14.5 | 13.7 | 13.7 | 13.5 | 1.0 | -0.5 | 0.1 | -0.9 | -0.1 | 0.9 | 0.2 | 0.1 | ||||||||
| 1985 | 27.6 | 25.6 | 26.7 | 26.3 | 27.3 | 27.8 | 27.5 | 27.4 | 27.0 | 0.6 | -1.5 | -0.4 | -0.7 | 0.3 | 0.8 | 0.5 | 0.4 | ||||||||
| 1984 | 28.7 | 26.2 | 27.8 | 26.8 | 28.4 | 28.9 | 28.1 | 28.3 | 28.2 | 0.5 | -2.0 | -0.4 | -1.4 | 0.2 | 0.7 | -0.1 | 0.1 | ||||||||
| 1983 | 29.9 | 27.2 | 28.4 | 27.3 | 29.1 | 29.9 | 28.8 | 29.3 | 29.0 | 0.9 | -1.8 | -0.6 | -1.7 | 0.1 | 0.9 | -0.3 | 0.2 |
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization
These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018)
Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to withdraw its membership of OPEC effective 1 January 2020
Indonesia suspended its membership in January 2009, reactivated it again in January 2016, but decided to suspend its membership once more on 30 November 2016
Gabon terminated its membership in January 1995. However, it rejoined the Organization in July 2016
Qatar terminated its membership on 1 January 2019
Angola withdrew its membership effective 1 January 2024
This means that, currently, the Organization has a total of 12 Member Countries, and OPEC basket has one crude stream each from these 12 members