Monthly average crude oil prices of the OPEC basket 2018-2019

This statistic illustrates the monthly average crude oil prices of the OPEC (Organization of Petroleum Exporting Countries) basket for the period between December 2018 to December 2019. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an important benchmark for crude oil prices. In December 2019, the average price of the OPEC basket was some 66.48 U.S. dollars per barrel.

The OPEC basket oil price

The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket. This basket is an average of the prices of petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, Girassol from Angola, Es Sider from Libya, etc. OPEC tries to keep the price between given maxima and minima by increasing and decreasing its oil production. The OPEC reference basket includes both heavy and light crude oils, and is heavier than most other crude oil mixtures (benchmarks).

The OPEC Basket is one of the most crucial benchmarks for crude oil prices worldwide. The most significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. Looking at the OPEC price within the last 12 months, the highest peak was reached in April 2019, when the annual average price stood at 70.78 U.S. dollars per barrel, while the lowest price was 56.94 U.S. dollars per barrel in December 2018.

OPEC stands for “Organization of the Petroleum Exporting Countries,” and was founded in 1960 in Baghdad, Iraq. The following countries are members of this organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The main aim of OPEC is to coordinate the oil policies of these countries, and thus to have more influence on the international oil market.

Average monthly OPEC basket crude oil price from December 2018 to December 2019

Average price in U.S. dollars per barrel
Dec 1966.48
Nov 1962.94
Oct 1959.91
Sep 1962.36
Aug 1959.62
Jul 1964.71
Jun 1962.92
May 1969.97
Apr 1970.78
Mar 1966.37
Feb 1963.83
Jan 1958.74
Dec 1856.94
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Sources

Release date

January 2020

Region

Worldwide

Survey time period

December 2018 to December 2019

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