Price of OPEC "Basket" Goes up / News / News agency Inforos
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Price of OPEC "Basket" Goes up

The price of the so-called "OPEC basket of crudes" has reached a new absolute record level, which is 54.83 dollars a barrel, as of July 7. The new record is 3 cents higher than the previous record level of 54.80 dollars a barrel, reached a day earlier.

The term "OPEC Reference Basket of Crudes" was officially accepted on January 1, 1987. The price value of "the basket" is defined, according to the resolution of the 136th (extraordinary) session of the OPEC Conference held on June 15, 2005, in Vienna, as a simple average of the actual prices of the following 11grades of crude produced by the cartel countries: Saharan Blend (Algeria, Minas (Indonesia), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and BCF 17 (Venezuela).

Up to June 16, 2005, the price of "the basket" was defined as a simple average of the following 7 grades of crude produced by six OPEC countries and Mexico: Saharan Blend (Algeria); Minas (Indonesia); Bonny Light (Nigeria); Arabian Light (Saudi Arabia); Dubai (United Arab Emirates); Tia Juana (Venezuela) and Isthmus (Mexico).
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