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Opec Reference Basket Component
(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
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| 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 |
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