weighted average
The weighted arithmetic mean is similar to an ordinary arithmetic mean (the most common type of average), except that instead of each of the data points contributing equally to the final average, some data points contribute more than others. The n ...
of prices for petroleum
Petroleum (), also known as crude oil and oil, is a naturally occurring, yellowish-black liquid found in geological formations beneath the Earth's surface. It is commonly refined into various types of fuels. Components of petroleum are separate ...
blends produced by OPEC
The Organization of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental organization of countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has si ...
members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production. This makes the measure important for market analysts. The OPEC Basket, including a mix of light and heavy crude oil products, is heavier than both Brent crude
400px, Monthly average Brent spot prices since May 1987
Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent ...
oil, and West Texas Intermediate
West Texas Intermediate (WTI) can refer to a grade or a mix of crude oil, and/or the spot price, the futures price, or the assessed price for that oil; colloquially WTI usually refers to the price of the New York Mercantile Exchange (NYMEX) WTI Cr ...
crude oil.
Since January 1, 2017, the OPEC reference basket consists of a weighted average of the following crudes:
* Saharan Blend (from Algeria
)
, image_map = Algeria (centered orthographic projection).svg
, map_caption =
, image_map2 =
, capital = Algiers
, coordinates =
, largest_city = capital
, religion =
, official_languages =
, languages_type = Other languag ...
)
* Girassol (from Angola
, national_anthem = "Angola Avante"()
, image_map =
, map_caption =
, capital = Luanda
, religion =
, religion_year = 2015
, religion_ref =
, coordinates =
, largest_city = capital
, official_la ...
)
* Oriente (from Ecuador
Ecuador ( ; ; Quechua: ''Ikwayur''; Shuar: ''Ecuador'' or ''Ekuatur''), officially the Republic of Ecuador ( es, República del Ecuador, which literally translates as "Republic of the Equator"; Quechua: ''Ikwadur Ripuwlika''; Shuar: ''Ekuatur ...
)
* Rabi Light (from Gabon
Gabon (; ), officially the Gabonese Republic (french: République gabonaise), is a country on the west coast of Central Africa. Located on the equator, Gabon is bordered by Equatorial Guinea to the northwest, Cameroon to the north, the Repub ...
)
* Iran Heavy (from Iran
Iran ( fa, ایران ), also called Persia and officially the Islamic Republic of Iran ( fa, جمهوری اسلامی ایران ), is a country in Western Asia. It is bordered to the northwest by Armenia and Azerbaijan, to the north by ...
)
* Basra Light
Basra ( ar, ٱلْبَصْرَة, al-Baṣrah) is an Iraqi city located on the Shatt al-Arab. It had an estimated population of 2.5 million in 2012. Basra is also Iraq's main port, although it does not have deep water access, which is handled ...
(from Iraq
Iraq ( ar, ٱلْعِرَاق, '; ku, عێراق '), officially the Republic of Iraq ( ar, جُمْهُورِيَّة ٱلْعِرَاق '; ku, کۆماری عێراق '), is a country in Western Asia, bordered by Turkey to the north, Iran to th ...
)
* Kuwait Export (from Kuwait
Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the north ...
)
* Es Sider (from Libya
Libya (; ar, ليبيا, Lībīyā), officially the State of Libya, ( ar, دولة ليبيا, Dawlat Lībīyā) is a country in the Maghreb region in North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the sout ...
)
* Bonny Light
Bonny Light oil is found at Oloibiri in the Niger delta region of Nigeria in 1956 for its first commercial use. Since then, indigenous people in Nigeria used it as medical treatment, detox, dermal inflammation, digestive disorders, and so on. Due t ...
(from Nigeria
Nigeria (), officially the Federal Republic of Nigeria, is a country in West Africa. It borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Its southern coast is on the Gulf of Guinea in the Atlanti ...
)
* Qatar Marine (from Qatar
Qatar (, , or ; ar, قطر ' ; local vernacular pronunciation: ), officially the State of Qatar ( ar, دولة قطر '), is a country located in Western Asia, occupying the small Qatar Peninsula on the northeastern coast of the Arabian Peni ...
)
* Arab Light (from Saudi Arabia
(Shahada)
, national_anthem = "" "National Anthem of Saudi Arabia"
, image_map = Saudi Arabia (orthographic projection).svg
, capital = Riyadh
, coordinates =
, largest_city = Riyadh
, official_languages = Arabic
, languages_type = Spoken l ...
)
* Murban (from UAE)
* Merey (from Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Ca ...
)
Old line-up
Prior to June 16, 2005, the OPEC Basket did not include petroleum blends from all OPEC members. The earlier basket consisted of seven crudes: * Saharan Blend (from Algeria) * Minas (from Indonesia) *Isthmus
An isthmus ( or ; plural: isthmuses or isthmi; from grc, ἰσθμός, isthmós, neck) is a narrow piece of land connecting two larger areas across an expanse of water by which they are otherwise separated. A tombolo is an isthmus that consists of ...
(from Mexico
Mexico ( es, México ; Nahuan languages: ), officially the United Mexican States (; EUM ), is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to ...
, a non-OPEC country)
* Bonny Light (from Nigeria)
* Arab Light (from Saudi Arabia)
* Fateh (from Dubai, UAE)
* Tia Juana Light (from Venezuela)
References
{{Petroleum industry Benchmark crude oils OPEC